AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.6% - Here's What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) fell 3.6% during mid-day trading on Monday . The company traded as low as $22.22 and last traded at $23.19. 3,635,654 shares traded hands during trading, a decline of 70% from the average session volume of 12,060,575 shares. The stock had previously closed at $24.06.

Analyst Ratings Changes

ASTS has been the subject of a number of analyst reports. Scotiabank reaffirmed an "outperform" rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 target price on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Finally, UBS Group lifted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, March 5th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $42.98.

AST SpaceMobile Stock Down 7.0 %

The stock has a market cap of $6.35 billion, a P/E ratio of -9.47 and a beta of 1.62. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The company has a 50-day simple moving average of $26.49 and a two-hundred day simple moving average of $25.00.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 41.80% of the stock is currently owned by company insiders.

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Institutional Trading of AST SpaceMobile

Several large investors have recently modified their holdings of ASTS. Summit Securities Group LLC bought a new position in AST SpaceMobile during the 4th quarter valued at approximately $37,000. Bernard Wealth Management Corp. purchased a new position in shares of AST SpaceMobile during the fourth quarter valued at approximately $42,000. Golden State Wealth Management LLC bought a new position in shares of AST SpaceMobile during the fourth quarter valued at approximately $46,000. CIBC Private Wealth Group LLC lifted its stake in AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock worth $53,000 after acquiring an additional 1,222 shares during the period. Finally, AlphaQuest LLC bought a new stake in AST SpaceMobile in the fourth quarter valued at $67,000. 60.95% of the stock is 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.