AST SpaceMobile (NASDAQ:ASTS) Shares Down 2.4% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 2.4% on Wednesday . The company traded as low as $25.36 and last traded at $25.62. 2,963,727 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 11,883,505 shares. The stock had previously closed at $26.25.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Price Performance

The business has a fifty day moving average of $25.67 and a two-hundred day moving average of $25.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of -11.87 and a beta of 1.62.

Insider Buying and Selling at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction dated 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 sale, the director now owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of AST SpaceMobile by 49.4% in the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock valued at $316,233,000 after purchasing an additional 4,955,941 shares during the last quarter. Geode Capital Management LLC increased its position in AST SpaceMobile by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock worth $73,801,000 after buying an additional 229,759 shares during the period. State Street Corp lifted its holdings in shares of AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after buying an additional 399,713 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of AST SpaceMobile in the fourth quarter valued at about $59,523,000. Finally, Charles Schwab Investment Management Inc. increased its position in AST SpaceMobile by 11.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock worth $26,728,000 after acquiring an additional 135,008 shares during the period. 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.