AST SpaceMobile (NASDAQ:ASTS) Trading Down 4% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price traded down 4% during mid-day trading on Thursday . The stock traded as low as $26.08 and last traded at $26.45. 3,127,115 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 11,855,674 shares. The stock had previously closed at $27.56.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Stock Performance

The stock has a market cap of $8.91 billion, a price-to-earnings ratio of -13.28 and a beta of 1.62. The stock’s 50 day moving average is $25.53 and its two-hundred day moving average is $25.32. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Buying and Selling

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 41.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On AST SpaceMobile

A number of large investors have recently bought and sold shares of the company. Amalgamated Bank raised its position in AST SpaceMobile by 17.4% during the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock worth $120,000 after buying an additional 679 shares during the last quarter. Xponance Inc. raised its position in AST SpaceMobile by 8.7% during the 4th quarter. Xponance Inc. now owns 9,676 shares of the company’s stock worth $204,000 after buying an additional 772 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in AST SpaceMobile by 106.3% during the 4th 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. Americana Partners LLC raised its position in AST SpaceMobile by 5.2% during the 4th quarter. Americana Partners LLC now owns 27,047 shares of the company’s stock worth $571,000 after buying an additional 1,326 shares during the last quarter. Finally, Axxcess Wealth Management LLC raised its position in AST SpaceMobile by 16.7% during the 4th quarter. Axxcess Wealth Management LLC now owns 10,562 shares of the company’s stock worth $223,000 after buying an additional 1,508 shares during the last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.

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.