AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 2.4%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price fell 2.4% during trading on Wednesday . The stock traded as low as $11.78 and last traded at $11.85. 1,305,093 shares traded hands during trading, a decline of 83% from the average session volume of 7,473,241 shares. The stock had previously closed at $12.14.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Stock Up 0.2 %

The company has a debt-to-equity ratio of 0.56, a current ratio of 7.51 and a quick ratio of 7.51. The firm has a market capitalization of $3.06 billion, a PE ratio of -12.14 and a beta of 1.61. The company’s fifty day simple moving average is $7.95 and its 200-day simple moving average is $4.88.

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

Institutional Investors Weigh In On AST SpaceMobile

A number of large investors have recently made changes to their positions in ASTS. Virtu Financial LLC acquired a new stake in AST SpaceMobile during the 4th quarter valued at approximately $259,000. PNC Financial Services Group Inc. boosted its holdings in AST SpaceMobile by 319.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock valued at $985,000 after purchasing an additional 124,322 shares during the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of AST SpaceMobile during the 1st quarter valued at approximately $580,000. Hudson Bay Capital Management LP grew its position in shares of AST SpaceMobile by 31.3% in the third quarter. Hudson Bay Capital Management LP now owns 1,051,615 shares of the company’s stock valued at $3,996,000 after purchasing an additional 250,389 shares during the period. Finally, Broad Run Investment Management LLC increased its stake in shares of AST SpaceMobile by 74.8% during the fourth quarter. Broad Run Investment Management LLC now owns 3,962,853 shares of the company’s stock worth $23,896,000 after purchasing an additional 1,695,805 shares in the last quarter. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.