AST SpaceMobile (NASDAQ:ASTS) Trading Down 1.4% Following Insider Selling

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) fell 1.4% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $27.30 and last traded at $28.72. 5,101,094 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 11,798,512 shares. The stock had previously closed at $29.14.

Specifically, Director Julio A. Torres sold 20,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ASTS. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Scotiabank restated an "outperform" rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Finally, UBS Group upped their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Five analysts have rated the stock with a buy rating, According to MarketBeat, AST SpaceMobile currently has an average rating of "Buy" and an average price target of $42.98.

Remove Ads

AST SpaceMobile Trading Down 1.6 %

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 cap of $9.07 billion, a PE ratio of -13.52 and a beta of 1.62. The business's 50-day simple moving average is $25.23 and its 200-day simple moving average is $25.34.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new stake in AST SpaceMobile in the 4th quarter worth approximately $37,000. Bernard Wealth Management Corp. purchased a new stake in AST SpaceMobile in the 4th quarter worth approximately $42,000. Golden State Wealth Management LLC purchased a new stake in AST SpaceMobile in the 4th quarter worth approximately $46,000. CIBC Private Wealth Group LLC raised its holdings in shares of AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after purchasing an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in shares of AST SpaceMobile during the 4th quarter valued at $67,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.