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

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $24.06, but opened at $22.83. AST SpaceMobile shares last traded at $23.26, with a volume of 2,235,120 shares.

Wall Street Analyst Weigh In

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

AST SpaceMobile Stock Performance

The stock's fifty day simple moving average is $26.46 and its two-hundred day simple moving average is $25.02. The company has a market cap of $6.83 billion, a price-to-earnings ratio of -10.18 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the company's stock in a transaction dated Monday, March 10th. The stock was 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 in the company, valued at $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 41.80% of the stock is owned by insiders.

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Institutional Trading of AST SpaceMobile

A number of institutional investors have recently modified their holdings of ASTS. Charles Schwab Investment Management Inc. raised its holdings in AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company's stock valued at $29,594,000 after buying an additional 787,566 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of AST SpaceMobile by 60.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,400 shares of the company's stock valued at $2,155,000 after acquiring an additional 31,191 shares during the period. FMR LLC lifted its holdings in shares of AST SpaceMobile by 230.5% during the 3rd quarter. FMR LLC now owns 39,638 shares of the company's stock valued at $1,037,000 after acquiring an additional 27,644 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in shares of AST SpaceMobile by 12.4% during the 3rd quarter. MetLife Investment Management LLC now owns 76,302 shares of the company's stock valued at $1,995,000 after acquiring an additional 8,441 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in AST SpaceMobile during the 3rd quarter worth $626,000. 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.