AST SpaceMobile (NASDAQ:ASTS) Trading Down 6.9% After Insider Selling

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were down 6.9% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $24.01 and last traded at $24.35. Approximately 4,210,689 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 10,595,655 shares. The stock had previously closed at $26.15.

Specifically, COO Shanti B. Gupta sold 80,000 shares of AST SpaceMobile stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the completion of the sale, the chief operating officer now owns 393,232 shares of the company’s stock, valued at $10,157,182.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the sale, the president now directly owns 712,660 shares of the company’s stock, valued at approximately $16,476,699.20. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ASTS shares. B. Riley lifted their price target on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Scotiabank lifted their price objective on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a report on Monday, August 26th. Finally, UBS Group lifted their price objective on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 15th.

AST SpaceMobile Price Performance

The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $6.21 billion, a PE ratio of -24.60 and a beta of 1.63. The stock has a 50-day moving average price of $25.95 and a 200 day moving average price of $13.25.

AST SpaceMobile (NASDAQ:ASTS) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.05. The firm had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million. Equities analysts forecast that AST SpaceMobile, Inc. will post -0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On AST SpaceMobile

Several large investors have recently modified their holdings of the business. BNP Paribas acquired a new position in AST SpaceMobile during the 1st quarter worth about $43,000. Principal Financial Group Inc. acquired a new position in AST SpaceMobile during the 1st quarter worth about $45,000. Cantor Fitzgerald L. P. acquired a new position in AST SpaceMobile during the 4th quarter worth about $66,000. Rathbones Group PLC acquired a new position in AST SpaceMobile during the 4th quarter worth about $76,000. Finally, Black Maple Capital Management LP acquired a new position in AST SpaceMobile during the 1st quarter worth about $87,000. Institutional investors and hedge funds 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.