AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.6% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price dropped 7.6% during mid-day trading on Friday . The stock traded as low as $18.75 and last traded at $19.94. Approximately 4,918,739 shares changed hands during trading, a decline of 59% from the average daily volume of 12,060,898 shares. The stock had previously closed at $21.58.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Trading Down 7.0 %

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 business’s 50 day moving average price is $26.49 and its 200-day moving average price is $24.91. The firm has a market cap of $6.35 billion, a price-to-earnings ratio of -9.47 and a beta of 1.81.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares of the company’s stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 41.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Key Colony Management LLC grew its position in shares of AST SpaceMobile by 204.1% during the 1st quarter. Key Colony Management LLC now owns 596,000 shares of the company’s stock valued at $13,553,000 after buying an additional 400,000 shares during the last quarter. California State Teachers Retirement System boosted its stake in AST SpaceMobile by 15.2% in the fourth quarter. California State Teachers Retirement System now owns 147,430 shares of the company’s stock valued at $3,111,000 after acquiring an additional 19,471 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in shares of AST SpaceMobile during the fourth quarter valued at approximately $217,000. Bernard Wealth Management Corp. acquired a new stake in shares of AST SpaceMobile during the 4th quarter worth approximately $42,000. Finally, First Heartland Consultants Inc. raised its position in shares of AST SpaceMobile by 42.3% during the 4th quarter. First Heartland Consultants Inc. now owns 14,499 shares of the company’s stock worth $306,000 after purchasing an additional 4,311 shares during the period. 60.95% of the stock is currently 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.