AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 4.6% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s stock price traded down 4.6% during mid-day trading on Thursday . The stock traded as low as $28.87 and last traded at $29.74. 5,508,032 shares were traded during trading, a decline of 52% from the average session volume of 11,536,661 shares. The stock had previously closed at $31.17.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group increased their price target on AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Cantor Fitzgerald began coverage on shares of AST SpaceMobile in a research report on Thursday, February 6th. They issued an "overweight" rating and a $30.00 price objective for the company. Finally, Scotiabank lowered their target price on shares of AST SpaceMobile from $44.70 to $40.20 and set a "sector outperform" rating for the company in a research note on Friday, January 24th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $40.04.

AST SpaceMobile Stock Down 8.4 %

The company has a market cap of $7.58 billion, a PE ratio of -12.34 and a beta of 1.62. The business has a 50-day simple moving average of $23.96 and a 200-day simple moving average of $25.36. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Institutional Trading of AST SpaceMobile

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in AST SpaceMobile by 49.4% in the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock valued at $316,233,000 after buying an additional 4,955,941 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of AST SpaceMobile in the fourth quarter valued at approximately $59,523,000. Privium Fund Management B.V. acquired a new stake in shares of AST SpaceMobile in the third quarter worth approximately $21,476,000. Charles Schwab Investment Management Inc. increased its position in shares of 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 purchasing an additional 787,566 shares in the last quarter. Finally, State Street Corp increased its position in shares of AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company's stock worth $80,845,000 after purchasing an additional 399,713 shares in the last quarter. 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.