AST SpaceMobile (NASDAQ:ASTS) Shares Down 2.4% - Here's What Happened

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

Analysts Set New Price Targets

Several research firms have issued reports on ASTS. UBS Group boosted their price objective on AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, March 5th. Scotiabank restated 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 report on Tuesday, March 4th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $42.98.

AST SpaceMobile Stock Up 4.1 %

The business has a fifty day moving average of $25.84 and a 200 day moving average of $25.21. The stock has a market cap of $8.14 billion, a price-to-earnings ratio of -12.13 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.

Insider Buying and Selling

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the company's 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 sale, the director now owns 52,628 shares of the company's stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 41.80% of the stock is currently owned by corporate insiders.

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Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in shares of AST SpaceMobile by 97.4% in the third quarter. Victory Capital Management Inc. now owns 30,680 shares of the company's stock valued at $802,000 after acquiring an additional 15,138 shares during the period. KBC Group NV acquired a new position in shares of AST SpaceMobile in the third quarter valued at $104,000. Swiss National Bank acquired a new position in AST SpaceMobile during the third quarter worth $6,911,000. Intech Investment Management LLC acquired a new position in AST SpaceMobile during the third quarter worth $957,000. Finally, Charles Schwab Investment Management Inc. raised its stake in AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company's stock worth $29,594,000 after acquiring an additional 787,566 shares in the last quarter. 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.