AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.6% - What's Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) fell 7.6% during trading on Friday . The stock traded as low as $18.75 and last traded at $19.94. 4,918,739 shares were traded during mid-day trading, a decline of 59% from the average session volume of 12,060,898 shares. The stock had previously closed at $21.58.

Analysts Set New Price Targets

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

AST SpaceMobile Stock Performance

The company's 50-day moving average is $26.53 and its two-hundred day moving average is $24.84. The company has a market capitalization of $6.42 billion, a P/E ratio of -9.58 and a beta of 1.81. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Transactions at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction on Monday, March 10th. The shares were 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 directly owns 52,628 shares of the company's stock, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 41.80% of the company's stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of large investors have recently added to or reduced their stakes in ASTS. Vanguard Group Inc. increased its position in shares of AST SpaceMobile by 49.4% during the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock valued at $316,233,000 after purchasing an additional 4,955,941 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in AST SpaceMobile in the fourth quarter worth approximately $59,523,000. Key Colony Management LLC grew its position in AST SpaceMobile by 204.1% during the first quarter. Key Colony Management LLC now owns 596,000 shares of the company's stock valued at $13,553,000 after acquiring an additional 400,000 shares during the last quarter. State Street Corp raised its stake 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 acquiring an additional 399,713 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company's stock worth $85,450,000 after acquiring an additional 281,749 shares during the last quarter. Hedge funds and other 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.