AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.2%

AST SpaceMobile, Inc. (NASDAQ:ASTS) was down 3.2% during trading on Monday . The company traded as low as $27.40 and last traded at $28.88. Approximately 5,890,883 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 10,423,117 shares. The stock had previously closed at $29.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ASTS shares. Scotiabank lifted their price objective on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a report on Monday, August 26th. UBS Group boosted their price target on AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 15th. B. Riley increased their price objective on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th.

AST SpaceMobile Stock Performance

The company has a debt-to-equity ratio of 0.83, a quick ratio of 6.38 and a current ratio of 6.38. The firm’s fifty day moving average price is $22.67 and its 200 day moving average price is $11.28. The firm has a market cap of $7.68 billion, a P/E ratio of -29.47 and a beta of 1.63.

AST SpaceMobile (NASDAQ:ASTS) last posted its earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million. Sell-side analysts expect that AST SpaceMobile, Inc. will post -0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Adriana Cisneros purchased 4,934 shares of the stock in a transaction dated Friday, September 6th. The shares were acquired at an average cost of $26.32 per share, for a total transaction of $129,862.88. Following the acquisition, the director now owns 774,772 shares of the company’s stock, valued at $20,391,999.04. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 56.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock valued at $19,325,000 after purchasing an additional 2,217,531 shares during the period. American International Group Inc. lifted its stake in AST SpaceMobile by 41.5% during the 1st quarter. American International Group Inc. now owns 56,527 shares of the company’s stock valued at $164,000 after acquiring an additional 16,568 shares during the period. Virtu Financial LLC purchased a new stake in shares of AST SpaceMobile in the 4th quarter valued at $259,000. PNC Financial Services Group Inc. boosted its holdings in shares of AST SpaceMobile by 319.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock valued at $985,000 after acquiring an additional 124,322 shares during the last quarter. Finally, NewGen Asset Management Ltd acquired a new stake in shares of AST SpaceMobile in the second quarter worth $2,902,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.