AST SpaceMobile (NASDAQ:ASTS) Trading Down 7.2% – What’s Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS) was down 7.2% during trading on Friday . The company traded as low as $23.80 and last traded at $23.93. Approximately 3,611,008 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 12,013,077 shares. The stock had previously closed at $25.80.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Price Performance

The firm has a market cap of $7.61 billion, a PE ratio of -11.35 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 business’s fifty day moving average is $26.45 and its 200-day moving average is $25.15.

Insider Buying and Selling

In other AST SpaceMobile news, 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 value of $614,600.00. Following the completion of the sale, the director now directly owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 41.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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