AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3% on Insider Selling

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was down 3% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $40.00 and last traded at $40.64. Approximately 4,169,762 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 12,390,487 shares. The stock had previously closed at $41.91.

Specifically, COO Shanti B. Gupta sold 10,000 shares of AST SpaceMobile stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $41.84, for a total value of $418,400.00. Following the completion of the sale, the chief operating officer now owns 305,667 shares of the company’s stock, valued at approximately $12,789,107.28. This trade represents a 3.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ASTS shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. Oppenheimer assumed coverage on AST SpaceMobile in a research note on Monday, May 5th. They issued a “market perform” rating for the company. Scotiabank cut their target price on AST SpaceMobile from $47.90 to $45.40 and set a “sector outperform” rating for the company in a research note on Tuesday, May 13th. B. Riley raised their target price on AST SpaceMobile from $36.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday. Finally, UBS Group raised their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.73.

AST SpaceMobile Trading Up 10.6%

The firm has a market cap of $14.04 billion, a P/E ratio of -22.29 and a beta of 2.02. The company has a debt-to-equity ratio of 0.60, a quick ratio of 10.62 and a current ratio of 10.62. The firm has a 50 day simple moving average of $26.90 and a 200 day simple moving average of $25.44.

AST SpaceMobile (NASDAQ:ASTS) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The business had revenue of $0.72 million for the quarter, compared to the consensus estimate of $3.85 million. AST SpaceMobile had a negative net margin of 7,033.22% and a negative return on equity of 23.56%. On average, equities research analysts predict that AST SpaceMobile, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Trading of AST SpaceMobile

A number of large investors have recently modified their holdings of the business. Rakuten Group Inc. bought a new stake in shares of AST SpaceMobile during the 1st quarter valued at about $705,398,000. Vanguard Group Inc. boosted its position in shares of AST SpaceMobile by 49.4% during the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock valued at $316,233,000 after acquiring an additional 4,955,941 shares during the last quarter. Alphabet Inc. bought a new stake in shares of AST SpaceMobile during the 1st quarter valued at about $203,375,000. Geode Capital Management LLC boosted its position in shares of AST SpaceMobile by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock valued at $73,801,000 after acquiring an additional 229,759 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new position in shares of AST SpaceMobile during the 4th quarter valued at about $59,523,000. Institutional investors own 60.95% of the company’s stock.

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.