AST SpaceMobile (NASDAQ:ASTS) Shares Down 2.9% After Earnings Miss

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares fell 2.9% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $25.71 and last traded at $26.38. 10,707,918 shares changed hands during trading, a decline of 16% from the average session volume of 12,799,574 shares. The stock had previously closed at $27.16.

The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The firm had revenue of $0.72 million for the quarter, compared to analyst estimates of $3.85 million.

Analyst Upgrades and Downgrades

ASTS has been the subject of several analyst reports. Oppenheimer initiated coverage on AST SpaceMobile in a research note on Monday, May 5th. They issued a “market perform” rating for the company. Roth Capital began coverage on shares of AST SpaceMobile in a report on Thursday, April 10th. They issued a “buy” rating and a $42.00 target price for the company. UBS Group increased their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Scotiabank lowered their price objective on shares of AST SpaceMobile from $47.90 to $45.40 and set a “sector outperform” rating for the company in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.40.

Insider Activity

In other news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the sale, the director now owns 52,628 shares in the company, valued at $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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 34.15% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently bought and sold shares of ASTS. Sunbelt Securities Inc. lifted its position in AST SpaceMobile by 61.9% in the 1st 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. GAMMA Investing LLC increased its position in AST SpaceMobile by 388.7% in the 1st quarter. GAMMA Investing LLC now owns 1,559 shares of the company’s stock worth $35,000 after purchasing an additional 1,240 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of AST SpaceMobile during the 4th quarter worth about $37,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of AST SpaceMobile during the 1st quarter valued at about $41,000. Finally, Close Asset Management Ltd grew its stake 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 buying an additional 760 shares in the last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Trading Down 1.1%

The company has a 50 day moving average of $24.49 and a 200 day moving average of $24.51. The firm has a market cap of $8.31 billion, a P/E ratio of -12.38 and a beta of 2.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

About AST SpaceMobile

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.