AST SpaceMobile (NASDAQ:ASTS) Shares Down 0.3% - Here's What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) dropped 0.3% during trading on Thursday . The stock traded as low as $22.90 and last traded at $23.29. Approximately 1,812,868 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 10,412,544 shares. The stock had previously closed at $23.36.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ASTS shares. Deutsche Bank Aktiengesellschaft increased their price objective on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Scotiabank lowered their price target on AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating for the company in a research report on Friday, November 15th. B. Riley boosted their price objective on AST SpaceMobile from $26.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, August 29th. Finally, UBS Group raised their target price on AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, November 15th.

AST SpaceMobile Stock Performance

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 $6.66 billion, a price-to-earnings ratio of -10.85 and a beta of 1.60. The stock's fifty day simple moving average is $24.68 and its 200-day simple moving average is $21.62.

Insider Transactions at AST SpaceMobile

In other AST SpaceMobile news, CTO Huiwen Yao sold 45,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total value of $1,091,700.00. Following the sale, the chief technology officer now directly owns 55,000 shares of the company's stock, valued at approximately $1,334,300. This represents a 45.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Shanti B. Gupta sold 80,000 shares of AST SpaceMobile stock in a transaction on Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the sale, the chief operating officer now directly owns 393,232 shares of the company's stock, valued at approximately $10,157,182.56. This trade represents a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,700 shares of company stock valued at $3,220,524. 41.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AST SpaceMobile

Several large investors have recently bought and sold shares of ASTS. Sunbelt Securities Inc. boosted its position in shares of AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company's stock worth $91,000 after acquiring an additional 3,380 shares in the last quarter. Geode Capital Management LLC lifted its stake 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 in the third quarter valued at approximately $232,000. Weiss Asset Management LP purchased a new position in AST SpaceMobile in the third quarter valued at approximately $1,308,000. Finally, State Street Corp raised 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 in the last quarter. Hedge funds and other 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.