AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.6% - Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price was down 3.6% during trading on Monday . The stock traded as low as $22.22 and last traded at $23.19. Approximately 3,635,654 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 12,060,575 shares. The stock had previously closed at $24.06.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ASTS. UBS Group increased their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, March 5th. Scotiabank restated an "outperform" rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $42.98.

AST SpaceMobile Stock Down 3.7 %

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $6.83 billion, a P/E ratio of -10.18 and a beta of 1.62. The company has a fifty day moving average price of $26.46 and a 200-day moving average price of $25.02.

Insiders Place Their Bets

In other news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the director now directly owns 52,628 shares in the company, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 41.80% of the company's stock.

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Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in shares of AST SpaceMobile by 235.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company's stock worth $6,479,000 after buying an additional 174,007 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in AST SpaceMobile by 11.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock worth $26,728,000 after acquiring an additional 135,008 shares in the last quarter. Handelsbanken Fonder AB purchased a new position in AST SpaceMobile in the fourth quarter worth about $755,000. Van ECK Associates Corp increased its stake in AST SpaceMobile by 150.1% during the fourth quarter. Van ECK Associates Corp now owns 258,747 shares of the company's stock worth $5,460,000 after acquiring an additional 155,310 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in AST SpaceMobile by 57.6% during the fourth quarter. Bank of New York Mellon Corp now owns 641,678 shares of the company's stock valued at $13,539,000 after purchasing an additional 234,517 shares during the period. 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.