AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down on Analyst Downgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price gapped down prior to trading on Friday after Scotiabank lowered their price target on the stock from $45.90 to $44.70. The stock had previously closed at $26.80, but opened at $23.18. Scotiabank currently has a sector outperform rating on the stock. AST SpaceMobile shares last traded at $22.32, with a volume of 2,695,117 shares traded.

ASTS has been the topic of several other research reports. UBS Group lifted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday. B. Riley lifted their price target 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 increased their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th.

Insider Activity

In other news, COO Shanti B. Gupta sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the transaction, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. The trade was a 16.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Adriana Cisneros bought 4,934 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average price of $26.32 per share, with a total value 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. This represents a 0.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 127,700 shares of company stock valued at $3,220,524. Insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of large investors have recently modified their holdings of ASTS. Fairfield Financial Advisors LTD bought a new position in AST SpaceMobile in the third quarter worth about $26,000. Hollencrest Capital Management purchased a new position in shares of AST SpaceMobile during the 3rd quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new position in shares of AST SpaceMobile during the 3rd quarter worth approximately $68,000. Black Maple Capital Management LP bought a new position in shares of AST SpaceMobile in the 1st quarter worth approximately $87,000. Finally, KBC Group NV purchased a new position in shares of AST SpaceMobile in the 3rd quarter valued at approximately $104,000. Institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Stock Down 9.6 %

The company has a market capitalization of $6.53 billion, a P/E ratio of -11.43 and a beta of 1.64. The company has a 50-day moving average of $25.63 and a two-hundred day moving average of $18.41. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83.

AST SpaceMobile (NASDAQ:ASTS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.05. The business had revenue of $0.90 million for the quarter, compared to the consensus estimate of $2.00 million. On average, research analysts predict that AST SpaceMobile, Inc. will post -0.72 EPS for the current year.

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.