AST SpaceMobile (NASDAQ:ASTS) Shares Down 1.4% on Insider Selling

AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 1.4% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $27.30 and last traded at $28.72. 5,101,094 shares changed hands during trading, a decline of 57% from the average session volume of 11,798,512 shares. The stock had previously closed at $29.14.

Specifically, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the sale, the director now owns 52,628 shares of the company’s stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

ASTS has been the topic of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Finally, UBS Group upped their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, AST SpaceMobile currently has a consensus rating of “Buy” and a consensus target price of $42.98.

AST SpaceMobile Price Performance

The stock has a market capitalization of $9.22 billion, a P/E ratio of -13.59 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The company’s 50-day simple moving average is $25.07 and its 200-day simple moving average is $25.37.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently modified their holdings of the company. Summit Securities Group LLC acquired a new position in AST SpaceMobile during the fourth quarter worth approximately $37,000. Bernard Wealth Management Corp. bought a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $42,000. Golden State Wealth Management LLC acquired a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $46,000. CIBC Private Wealth Group LLC raised its stake in AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after acquiring an additional 1,222 shares during the period. Finally, Rakuten Securities Inc. acquired a new stake in AST SpaceMobile during the 3rd quarter valued at $68,000. 60.95% of the stock is 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.