AST SpaceMobile (NASDAQ:ASTS) Trading Down 2.4% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares dropped 2.4% during trading on Wednesday . The stock traded as low as $25.36 and last traded at $25.62. Approximately 2,963,727 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 11,883,505 shares. The stock had previously closed at $26.25.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Price Performance

The stock has a 50 day moving average price of $26.01 and a 200-day moving average price of $25.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of -13.82 and a beta of 1.62.

Insider Buying and Selling at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now directly owns 52,628 shares of the company's stock, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 41.80% of the stock is currently owned by insiders.

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Institutional Trading of AST SpaceMobile

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in AST SpaceMobile by 49.4% in the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock worth $316,233,000 after purchasing an additional 4,955,941 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at approximately $59,523,000. Charles Schwab Investment Management Inc. lifted its position in AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company's stock worth $29,594,000 after buying an additional 787,566 shares in the last quarter. State Street Corp boosted its stake 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 buying an additional 399,713 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company's stock valued at $85,450,000 after buying an additional 281,749 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.