AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 4.1%

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 4.1% on Tuesday . The stock traded as low as $17.94 and last traded at $18.09. Approximately 5,155,891 shares were traded during trading, a decline of 33% from the average daily volume of 7,674,405 shares. The stock had previously closed at $18.87.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ASTS. UBS Group boosted their target price on shares of AST SpaceMobile from $7.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of AST SpaceMobile from $23.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, April 3rd. Finally, Scotiabank increased their target price on shares of AST SpaceMobile from $7.40 to $12.90 and gave the stock a “sector outperform” rating in a research report on Thursday, May 30th.

AST SpaceMobile Trading Down 8.7 %

The company has a debt-to-equity ratio of 0.56, a quick ratio of 7.51 and a current ratio of 7.51. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -18.02 and a beta of 1.61. The firm has a fifty day moving average price of $10.71 and a 200-day moving average price of $5.63.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02. The firm had revenue of $0.50 million for the quarter, compared to analyst estimates of $3.00 million. As a group, equities analysts anticipate that AST SpaceMobile, Inc. will post -0.65 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of AST SpaceMobile by 56.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 472,769 shares of the company’s stock valued at $5,489,000 after purchasing an additional 170,440 shares in the last quarter. Byrne Asset Management LLC bought a new position in AST SpaceMobile in the second quarter valued at about $240,000. MBE Wealth Management LLC grew its position in AST SpaceMobile by 34.1% in the second quarter. MBE Wealth Management LLC now owns 27,000 shares of the company’s stock valued at $313,000 after acquiring an additional 6,870 shares during the last quarter. Calton & Associates Inc. acquired a new position in AST SpaceMobile during the second quarter worth about $128,000. Finally, Accordant Advisory Group Inc boosted its stake in shares of AST SpaceMobile by 2.0% in the 2nd quarter. Accordant Advisory Group Inc now owns 162,823 shares of the company’s stock valued at $1,890,000 after purchasing an additional 3,146 shares in the last quarter. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.