AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down - Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $20.14, but opened at $19.54. AST SpaceMobile shares last traded at $18.04, with a volume of 4,498,250 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Scotiabank cut their price target on AST SpaceMobile from $44.70 to $40.20 and set a "sector outperform" rating on the stock in a research note on Friday, January 24th. UBS Group raised their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, November 15th.

AST SpaceMobile Trading Up 11.1 %

The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $5.86 billion, a P/E ratio of -9.55 and a beta of 1.64. The company has a 50-day moving average price of $22.45 and a 200 day moving average price of $23.96.

Hedge Funds Weigh In On AST SpaceMobile

A number of large investors have recently added to or reduced their stakes in ASTS. Sei Investments Co. purchased a new position in shares of AST SpaceMobile in the 2nd quarter worth approximately $728,000. Marshall Wace LLP boosted its stake in AST SpaceMobile by 150.4% in the second quarter. Marshall Wace LLP now owns 126,685 shares of the company's stock valued at $1,471,000 after acquiring an additional 76,088 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in AST SpaceMobile by 31.9% in the second quarter. The Manufacturers Life Insurance Company now owns 51,209 shares of the company's stock worth $595,000 after purchasing an additional 12,391 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of AST SpaceMobile during the second quarter worth $278,000. Finally, Miracle Mile Advisors LLC purchased a new stake in shares of AST SpaceMobile during the 3rd quarter valued at $328,000. 60.95% of the stock is currently owned by institutional investors.

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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.