AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.6% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was down 3.6% during mid-day trading on Monday . The company traded as low as $22.22 and last traded at $23.19. Approximately 3,635,654 shares changed hands during trading, a decline of 70% from the average daily volume of 12,060,575 shares. The stock had previously closed at $24.06.

Analysts Set New Price Targets

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

AST SpaceMobile Price Performance

The company has a market cap of $7.30 billion, a price-to-earnings ratio of -10.89 and a beta of 1.62. The company’s 50 day moving average price is $26.45 and its 200 day moving average price is $25.13. 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 Activity at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 52,628 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. 41.80% of the stock is owned by insiders.

Institutional Trading of AST SpaceMobile

Institutional investors have recently modified their holdings of the business. Summit Securities Group LLC purchased a new position in AST SpaceMobile in the fourth quarter worth $37,000. Bernard Wealth Management Corp. acquired a new position in shares of AST SpaceMobile during the 4th quarter worth $42,000. Golden State Wealth Management LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at about $46,000. CIBC Private Wealth Group LLC lifted its stake in shares of AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after purchasing an additional 1,222 shares during the period. Finally, AlphaQuest LLC purchased a new stake in AST SpaceMobile during the fourth quarter worth about $67,000. 60.95% of the stock is currently owned by hedge funds and other 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.