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

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares gapped down before the market opened 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.

Analysts Set New Price Targets

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

AST SpaceMobile Stock 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 stock has a fifty day moving average of $25.67 and a 200-day moving average of $18.14. The firm has a market capitalization of $6.29 billion, a P/E ratio of -18.30 and a beta of 1.64.

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

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, Director Adriana Cisneros bought 4,934 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $26.32 per share, for a total transaction of $129,862.88. Following the transaction, the director now directly owns 774,772 shares in the company, valued at approximately $20,391,999.04. This represents a 0.64 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $25.83, for a total value 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 trade was a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,700 shares of company stock worth $3,220,524 in the last ninety days. 41.80% of the stock is owned by company insiders.

Institutional Trading of AST SpaceMobile

Several institutional investors have recently added to or reduced their stakes in ASTS. Fairfield Financial Advisors LTD acquired a new stake in shares of AST SpaceMobile during the third quarter worth $26,000. Hollencrest Capital Management acquired a new stake in shares of AST SpaceMobile in the 3rd quarter valued at about $26,000. Rakuten Securities Inc. acquired a new stake in AST SpaceMobile in the third quarter valued at approximately $68,000. Black Maple Capital Management LP bought a new stake in AST SpaceMobile during the 1st quarter valued at $87,000. Finally, KBC Group NV bought a new stake in shares of AST SpaceMobile during the third quarter worth about $104,000. 60.95% of the stock is currently owned by institutional investors.

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.