AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.2% - What's Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares were down 7.2% during trading on Friday . The company traded as low as $23.80 and last traded at $23.93. Approximately 3,611,008 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 12,013,077 shares. The stock had previously closed at $25.80.

Wall Street Analysts Forecast Growth

ASTS has been the topic of several research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday, March 4th. UBS Group boosted their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, March 5th. Finally, Scotiabank reiterated an "outperform" rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $42.98.

AST SpaceMobile Stock Down 5.5 %

The firm's 50-day moving average price is $26.45 and its 200 day moving average price is $25.13. 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 company has a market capitalization of $7.20 billion, a price-to-earnings ratio of -10.73 and a beta of 1.62.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile 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 completion of the transaction, the director now owns 52,628 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 41.80% of the company's stock.

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Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors have recently added to or reduced their stakes in ASTS. Vanguard Group Inc. grew its stake in shares of AST SpaceMobile by 49.4% during the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock worth $316,233,000 after buying an additional 4,955,941 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of AST SpaceMobile during the 4th quarter valued at $59,523,000. Charles Schwab Investment Management Inc. grew its position in AST SpaceMobile by 228.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company's stock worth $29,594,000 after acquiring an additional 787,566 shares during the last quarter. State Street Corp increased its holdings in AST SpaceMobile by 14.8% in the 3rd 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 in the last quarter. Finally, Geode Capital Management LLC raised its position in AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company's stock valued at $85,450,000 after purchasing an additional 281,749 shares during the last quarter. 60.95% of the stock is currently 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.