AST SpaceMobile (NASDAQ:ASTS) Trading Down 4.4% - Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) was down 4.4% on Tuesday . The company traded as low as $26.37 and last traded at $26.79. Approximately 2,709,671 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 11,872,513 shares. The stock had previously closed at $28.02.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ASTS shares. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a report on Tuesday, March 4th. UBS Group upped their price target on AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, March 5th. Finally, Scotiabank restated an "outperform" rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $42.98.

AST SpaceMobile Stock Performance

The stock has a 50-day simple moving average of $25.84 and a 200-day simple moving average of $25.12. The company has a market capitalization of $8.14 billion, a price-to-earnings ratio of -12.13 and a beta of 1.62. 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 Buying and Selling at AST SpaceMobile

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 value of $614,600.00. Following the transaction, the director now directly owns 52,628 shares of the company's stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 41.80% of the stock is currently owned by corporate insiders.

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Hedge Funds Weigh In On AST SpaceMobile

Institutional investors have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at approximately $37,000. Bernard Wealth Management Corp. acquired a new stake in shares of AST SpaceMobile during the 4th quarter valued at approximately $42,000. Golden State Wealth Management LLC acquired a new stake in shares of AST SpaceMobile during the 4th quarter valued at approximately $46,000. CIBC Private Wealth Group LLC raised its position in shares of AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after acquiring an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC acquired a new stake in shares of AST SpaceMobile during the 4th quarter valued at approximately $67,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.