AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 1.9% - Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price dropped 1.9% on Friday . The company traded as low as $29.55 and last traded at $31.58. Approximately 6,250,460 shares were traded during trading, a decline of 51% from the average daily volume of 12,648,427 shares. The stock had previously closed at $32.18.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price target on shares of AST SpaceMobile in a report on Tuesday. UBS Group upped their target price on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Scotiabank lifted their price target on shares of AST SpaceMobile from $40.20 to $47.90 and gave the company a "sector outperform" rating in a report on Wednesday. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, AST SpaceMobile presently has an average rating of "Buy" and an average price target of $42.98.

AST SpaceMobile Stock Performance

The company has a 50 day moving average of $24.93 and a two-hundred day moving average of $25.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The company has a market capitalization of $9.68 billion, a PE ratio of -15.75 and a beta of 1.62.

Institutional Trading of AST SpaceMobile

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank grew its holdings in AST SpaceMobile by 17.4% in the third quarter. Amalgamated Bank now owns 4,578 shares of the company's stock worth $120,000 after purchasing an additional 679 shares during the period. Xponance Inc. boosted its position in shares of AST SpaceMobile by 8.7% in the 4th quarter. Xponance Inc. now owns 9,676 shares of the company's stock worth $204,000 after purchasing an additional 772 shares in the last quarter. Hollencrest Capital Management purchased a new stake in shares of AST SpaceMobile in the 3rd quarter worth approximately $26,000. CIBC Private Wealth Group LLC increased its position in AST SpaceMobile by 106.3% during 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 in the last quarter. Finally, Americana Partners LLC increased its position in AST SpaceMobile by 5.2% during the 4th quarter. Americana Partners LLC now owns 27,047 shares of the company's stock valued at $571,000 after buying an additional 1,326 shares in the last quarter. 60.95% of the stock is owned by hedge funds and other institutional investors.

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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.