AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 2.4% - Time to Sell?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) fell 2.4% on Tuesday . The company traded as low as $24.11 and last traded at $25.18. 2,689,437 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 10,662,341 shares. The stock had previously closed at $25.80.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, September 4th. UBS Group boosted their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday. B. Riley upped their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, August 29th. Finally, Scotiabank lowered their target price on shares of AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating for the company in a research note on Friday.

AST SpaceMobile Price Performance

The company's 50 day simple moving average is $25.62 and its 200 day simple moving average is $18.69. 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 stock has a market cap of $7.07 billion, a P/E ratio of -11.88 and a beta of 1.64.

Insider Transactions at AST SpaceMobile

In other news, President Scott Wisniewski sold 2,700 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the sale, the president now owns 712,660 shares of the company's stock, valued at $16,476,699.20. This represents a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Adriana Cisneros acquired 4,934 shares of the stock in a transaction dated Friday, September 6th. The shares were bought at an average cost of $26.32 per share, with a total value of $129,862.88. Following the transaction, the director now directly owns 774,772 shares of the company's stock, valued at $20,391,999.04. This represents a 0.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 127,700 shares of company stock valued at $3,220,524 over the last quarter. Corporate insiders own 41.80% of the company's stock.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently made changes to their positions in ASTS. Sunbelt Securities Inc. boosted its holdings in AST SpaceMobile by 3,380.0% during the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company's stock worth $91,000 after purchasing an additional 3,380 shares during the last quarter. Geode Capital Management LLC boosted its holdings in AST SpaceMobile by 9.4% during the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company's stock worth $85,450,000 after purchasing an additional 281,749 shares during the last quarter. K2 Principal Fund L.P. acquired a new position in AST SpaceMobile during the third quarter worth $232,000. Weiss Asset Management LP acquired a new position in AST SpaceMobile during the third quarter worth $1,308,000. Finally, State Street Corp boosted its holdings in 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 purchasing an additional 399,713 shares during the last quarter. 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.

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