AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.4% - Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) fell 4.4% during trading on Tuesday . The company traded as low as $26.37 and last traded at $26.79. 2,709,671 shares were traded during mid-day trading, a decline of 77% from the average session volume of 11,872,513 shares. The stock had previously closed at $28.02.

Wall Street Analyst Weigh In

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

AST SpaceMobile Stock Performance

The stock has a fifty day moving average price of $25.78 and a 200 day moving average price of $25.23. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of -12.13 and a beta of 1.62.

Insiders Place Their Bets

In related news, Director Julio A. Torres sold 20,000 shares of the business's 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 $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 41.80% of the company's stock.

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Institutional Trading of AST SpaceMobile

A number of large investors have recently bought and sold shares of ASTS. Summit Securities Group LLC acquired a new position in shares of AST SpaceMobile in the 4th quarter worth approximately $37,000. Bernard Wealth Management Corp. acquired a new position in AST SpaceMobile during the 4th quarter worth about $42,000. Golden State Wealth Management LLC bought a new stake in AST SpaceMobile during the 4th quarter worth about $46,000. CIBC Private Wealth Group LLC increased its position 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 acquiring an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in shares of AST SpaceMobile in the fourth quarter worth about $67,000. 60.95% of the stock is currently owned by institutional investors.

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.