AST SpaceMobile (NASDAQ:ASTS) Trading Down 0.9%

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 0.9% during mid-day trading on Tuesday . The company traded as low as $10.51 and last traded at $10.74. 1,668,000 shares changed hands during trading, a decline of 78% from the average session volume of 7,475,551 shares. The stock had previously closed at $10.84.

Analysts Set New Price Targets

A number of analysts have weighed in on ASTS shares. Deutsche Bank Aktiengesellschaft reduced their price target on shares of AST SpaceMobile from $23.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, April 3rd. UBS Group increased their target price on shares of AST SpaceMobile from $7.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, Scotiabank upped their price target on AST SpaceMobile from $7.40 to $12.90 and gave the company a “sector outperform” rating in a report on Thursday, May 30th.

AST SpaceMobile Stock Performance

The company has a debt-to-equity ratio of 0.56, a quick ratio of 7.51 and a current ratio of 7.51. The stock’s 50 day simple moving average is $6.78 and its two-hundred day simple moving average is $4.60.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Wednesday, May 15th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.02. The business had revenue of $0.50 million for the quarter, compared to analyst estimates of $3.00 million. On average, sell-side analysts anticipate that AST SpaceMobile, Inc. will post -0.66 EPS for the current fiscal year.

Hedge Funds Weigh In On AST SpaceMobile

A number of hedge funds have recently modified their holdings of the stock. Hudson Bay Capital Management LP raised its stake in AST SpaceMobile by 31.3% during the third quarter. Hudson Bay Capital Management LP now owns 1,051,615 shares of the company’s stock worth $3,996,000 after acquiring an additional 250,389 shares in the last quarter. Salvus Wealth Management LLC grew its stake in AST SpaceMobile by 351.1% during the fourth quarter. Salvus Wealth Management LLC now owns 113,182 shares of the company’s stock worth $682,000 after buying an additional 88,092 shares during the last quarter. SG Americas Securities LLC bought a new stake in AST SpaceMobile during the 4th quarter worth approximately $115,000. Van ECK Associates Corp bought a new stake in shares of AST SpaceMobile during the fourth quarter worth $246,000. Finally, Victory Capital Management Inc. acquired a new position in AST SpaceMobile during the 4th quarter worth about $65,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.