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

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) gapped down prior to trading 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 changing hands.

Analysts Set New Price Targets

Several research firms recently issued reports on ASTS. UBS Group upped their price objective 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. Scotiabank restated an "outperform" rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $42.98.

AST SpaceMobile Stock Down 3.7 %

The stock 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. The firm's 50-day simple moving average is $26.46 and its two-hundred day simple moving average is $25.02.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile 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 transaction, the director now directly owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 41.80% of the stock is currently owned by corporate insiders.

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Hedge Funds Weigh In On AST SpaceMobile

Large investors have recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $37,000. Bernard Wealth Management Corp. acquired a new position in AST SpaceMobile during the fourth quarter worth $42,000. Golden State Wealth Management LLC bought a new position in AST SpaceMobile in the fourth quarter valued at $46,000. CIBC Private Wealth Group LLC increased its stake in AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after buying an additional 1,222 shares during the last quarter. Finally, AlphaQuest LLC bought a new stake in AST SpaceMobile during the 4th quarter worth about $67,000. 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.