AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $26.80, but opened at $23.18. AST SpaceMobile shares last traded at $22.32, with a volume of 2,695,117 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Scotiabank raised their price target on shares of AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th. Deutsche Bank Aktiengesellschaft lifted 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. UBS Group upped their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday. Finally, B. Riley raised their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th.

AST SpaceMobile Stock Performance

The stock has a market capitalization of $6.29 billion, a PE ratio of -18.30 and a beta of 1.64. The business has a 50 day moving average price of $25.67 and a 200 day moving average price of $18.14. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38.

AST SpaceMobile (NASDAQ:ASTS) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.05. The business had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million. As a group, equities research analysts expect that AST SpaceMobile, Inc. will post -0.72 earnings per share for the current year.

Insider Activity

In other news, Director Adriana Cisneros bought 4,934 shares of AST SpaceMobile stock in a transaction dated 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 completion of the purchase, the director now owns 774,772 shares in the company, valued at $20,391,999.04. The trade was a 0.64 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of the firm’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 value of $2,066,400.00. Following the sale, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at $10,157,182.56. This represents a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,700 shares of company stock worth $3,220,524 over the last ninety days. Corporate insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors have recently made changes to their positions in ASTS. Amalgamated Bank lifted its stake in AST SpaceMobile by 17.4% in the third quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock worth $120,000 after acquiring an additional 679 shares during the period. Victory Capital Management Inc. lifted its position in shares of AST SpaceMobile by 5.5% in the 2nd quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after purchasing an additional 814 shares during the period. Fairfield Financial Advisors LTD purchased a new stake in shares of AST SpaceMobile in the 3rd quarter worth approximately $26,000. Hollencrest Capital Management bought a new position in shares of AST SpaceMobile during the third quarter valued at approximately $26,000. Finally, Calton & Associates Inc. increased its holdings in AST SpaceMobile by 14.5% during the third quarter. Calton & Associates Inc. now owns 12,600 shares of the company’s stock valued at $329,000 after buying an additional 1,600 shares during the period. Hedge funds and other institutional investors 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.