AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – What’s Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS) gapped down prior to trading on Tuesday . The stock had previously closed at $86.77, but opened at $81.92. AST SpaceMobile shares last traded at $86.2280, with a volume of 5,419,813 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ASTS shares. B. Riley Financial upped their target price on shares of AST SpaceMobile from $75.00 to $85.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. UBS Group decreased their price target on shares of AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. New Street Research set a $106.00 price target on shares of AST SpaceMobile in a research note on Friday, May 29th. Barclays upped their price objective on AST SpaceMobile from $60.00 to $65.00 and gave the stock an “underweight” rating in a research report on Thursday, April 9th. Finally, Wall Street Zen cut AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research note on Wednesday, April 15th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $85.09.

AST SpaceMobile Stock Performance

The stock has a 50-day moving average price of $87.09 and a 200 day moving average price of $89.33. The company has a quick ratio of 18.37, a current ratio of 18.47 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $32.99 billion, a price-to-earnings ratio of -47.76 and a beta of 2.70.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Monday, May 11th. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.43). AST SpaceMobile had a negative net margin of 573.67% and a negative return on equity of 24.87%. The firm had revenue of $14.73 million during the quarter, compared to analyst estimates of $39.01 million. During the same period last year, the business earned ($0.20) EPS. The firm’s revenue was up 1952.2% compared to the same quarter last year. On average, analysts forecast that AST SpaceMobile, Inc. will post -1.47 EPS for the current year.

Insider Activity

In related news, Director Julio A. Torres sold 15,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $76.34, for a total value of $1,145,100.00. Following the transaction, the director owned 43,239 shares of the company’s stock, valued at $3,300,865.26. This represents a 25.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Andrew Martin Johnson sold 45,809 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $93.81, for a total value of $4,297,342.29. Following the completion of the sale, the chief financial officer owned 503,619 shares in the company, valued at approximately $47,244,498.39. This represents a 8.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,145,809 shares of company stock valued at $280,645,292 over the last quarter. Company insiders own 20.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ASTS. Crewe Advisors LLC acquired a new position in AST SpaceMobile in the fourth quarter valued at approximately $25,000. Laurel Wealth Advisors LLC acquired a new stake in AST SpaceMobile during the fourth quarter worth approximately $25,000. Cornerstone Planning Group LLC lifted its position in shares of AST SpaceMobile by 16,350.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock worth $27,000 after buying an additional 327 shares during the last quarter. Byrne Asset Management LLC purchased a new stake in shares of AST SpaceMobile during the 4th quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.