AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 0.2% - Here's What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) dropped 0.2% on Monday . The company traded as low as $27.16 and last traded at $28.10. Approximately 3,448,410 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 11,892,445 shares. The stock had previously closed at $28.15.

Analysts Set New Price Targets

ASTS has been the subject of a number of recent research reports. UBS Group lifted their price objective 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 reiterated an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, Scotiabank reiterated 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 presently has a consensus rating of "Buy" and a consensus target price of $42.98.

AST SpaceMobile Stock Down 3.7 %

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 company has a market cap of $7.81 billion, a PE ratio of -11.65 and a beta of 1.62. The firm has a fifty day simple moving average of $25.78 and a 200 day simple moving average of $25.23.

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 dated 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 owns 52,628 shares in the company, valued at $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 41.80% of the stock is owned by company insiders.

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Institutional Trading of AST SpaceMobile

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASTS. Victory Capital Management Inc. grew its holdings in AST SpaceMobile by 97.4% in the 3rd quarter. Victory Capital Management Inc. now owns 30,680 shares of the company's stock valued at $802,000 after buying an additional 15,138 shares during the period. KBC Group NV acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at about $104,000. Swiss National Bank acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at about $6,911,000. SouthState Corp acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at about $799,000. Finally, Intech Investment Management LLC acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at about $957,000. Hedge funds and other institutional investors own 60.95% of the company's stock.

AST SpaceMobile Company Profile

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.