AST SpaceMobile (NASDAQ:ASTS) Shares Down 1.4% on Analyst Downgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were down 1.4% during trading on Wednesday after Scotiabank lowered their price target on the stock from $47.90 to $45.40. Scotiabank currently has a sector outperform rating on the stock. AST SpaceMobile traded as low as $26.06 and last traded at $26.19. Approximately 6,630,427 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 12,846,534 shares. The stock had previously closed at $26.55.

Several other brokerages have also commented on ASTS. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Oppenheimer began coverage on shares of AST SpaceMobile in a research note on Monday, May 5th. They issued a “market perform” rating for the company. UBS Group upped their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Finally, Roth Capital initiated coverage on shares of AST SpaceMobile in a research report on Thursday, April 10th. They set a “buy” rating and a $42.00 price target for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.40.

Insider Buying and Selling at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 34.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sunbelt Securities Inc. grew its position in shares of AST SpaceMobile by 61.9% during the first quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company’s stock worth $30,000 after buying an additional 505 shares in the last quarter. Xponance Inc. raised its stake in AST SpaceMobile by 5.9% during the first quarter. Xponance Inc. now owns 10,244 shares of the company’s stock valued at $233,000 after buying an additional 568 shares in the last quarter. Close Asset Management Ltd increased its holdings in shares of AST SpaceMobile by 72.4% in the 1st quarter. Close Asset Management Ltd now owns 1,810 shares of the company’s stock valued at $41,000 after acquiring an additional 760 shares during the last quarter. KBC Group NV raised its position in shares of AST SpaceMobile by 15.6% during the 1st quarter. KBC Group NV now owns 7,525 shares of the company’s stock valued at $171,000 after acquiring an additional 1,016 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares during the last quarter. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

AST SpaceMobile Trading Down 1.1%

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm’s 50 day simple moving average is $24.49 and its two-hundred day simple moving average is $24.51. The stock has a market cap of $8.31 billion, a P/E ratio of -12.38 and a beta of 2.05.

AST SpaceMobile (NASDAQ:ASTS) last posted its earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The firm had revenue of $0.72 million during the quarter, compared to the consensus estimate of $3.85 million. As a group, equities research analysts predict that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

AST SpaceMobile Company Profile

AST SpaceMobile, Inc, together with its subsidiaries, develops and provides access to a space-based cellular broadband network for smartphones in the United States. Its SpaceMobile service provides cellular broadband services to end-users who are out of terrestrial cellular coverage. The company was founded in 2017 and is headquartered in Midland, Texas.