AST SpaceMobile (NASDAQ:ASTS) Trading Down 3.7% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price fell 3.7% during trading on Tuesday . The stock traded as low as $22.81 and last traded at $23.24. 2,206,176 shares were traded during trading, a decline of 60% from the average session volume of 5,513,919 shares. The stock had previously closed at $24.14.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Scotiabank reduced their price objective on shares of AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating on the stock in a research note on Friday, November 15th. UBS Group lifted their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, November 15th.

AST SpaceMobile Trading Down 4.7 %

The firm has a market cap of $6.66 billion, a P/E ratio of -10.85 and a beta of 1.64. The business's 50-day moving average is $23.81 and its two-hundred day moving average is $22.89. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently added to or reduced their stakes in the stock. Fairfield Financial Advisors LTD bought a new position in shares of AST SpaceMobile during the third quarter worth about $26,000. Hollencrest Capital Management bought a new position in AST SpaceMobile in the 3rd quarter worth about $26,000. Rakuten Securities Inc. acquired a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $68,000. Sunbelt Securities Inc. raised its holdings in shares of AST SpaceMobile by 3,380.0% during the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company's stock valued at $91,000 after buying an additional 3,380 shares during the last quarter. Finally, KBC Group NV acquired a new position in shares of AST SpaceMobile during the third quarter worth approximately $104,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.