AST SpaceMobile (NASDAQ:ASTS) Trading Down 4.2% Following Insider Selling

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 4.2% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $27.31 and last traded at $27.46. Approximately 5,102,060 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 11,833,007 shares. The stock had previously closed at $28.66.

Specifically, Director Julio A. Torres sold 20,000 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the sale, the director now owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ASTS shares. Scotiabank reissued an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, UBS Group raised their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Trading Down 4.3 %

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 business’s 50-day moving average is $25.23 and its 200 day moving average is $25.34. The firm has a market capitalization of $8.68 billion, a P/E ratio of -12.95 and a beta of 1.62.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new position in AST SpaceMobile in the 4th quarter valued at $37,000. Bernard Wealth Management Corp. acquired a new position in AST SpaceMobile during the 4th quarter worth approximately $42,000. Golden State Wealth Management LLC acquired a new stake in AST SpaceMobile in the fourth quarter valued at approximately $46,000. CIBC Private Wealth Group LLC grew its stake in shares of AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after buying an additional 1,222 shares during the last quarter. Finally, AlphaQuest LLC bought a new stake in shares of AST SpaceMobile during the fourth quarter worth $67,000. 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.