AST SpaceMobile (NASDAQ:ASTS) Shares Down 0.6% - Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price was down 0.6% during mid-day trading on Thursday . The stock traded as low as $26.08 and last traded at $27.13. Approximately 2,082,616 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 11,991,859 shares. The stock had previously closed at $27.29.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Stock Performance

The firm has a market cap of $7.61 billion, a price-to-earnings ratio of -11.35 and a beta of 1.62. The stock has a 50-day moving average of $26.45 and a 200-day moving average of $25.15. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Transactions at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the sale, the director now directly owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 41.80% of the stock is currently owned by insiders.

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Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently modified their holdings of the stock. Summit Securities Group LLC acquired a new position in AST SpaceMobile during the fourth quarter valued at approximately $37,000. Bernard Wealth Management Corp. acquired a new stake in shares of AST SpaceMobile in the 4th quarter valued at approximately $42,000. Golden State Wealth Management LLC bought a new position in shares of AST SpaceMobile in the fourth quarter valued at $46,000. CIBC Private Wealth Group LLC increased its holdings in AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock worth $53,000 after buying an additional 1,222 shares during the last quarter. Finally, AlphaQuest LLC bought a new stake in AST SpaceMobile during the fourth quarter worth $67,000. 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.