AST SpaceMobile (NASDAQ:ASTS) Trading Down 2.9% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price traded down 2.9% on Wednesday . The stock traded as low as $23.55 and last traded at $23.66. 1,739,222 shares were traded during trading, a decline of 83% from the average session volume of 10,523,051 shares. The stock had previously closed at $24.36.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Scotiabank dropped their price target on AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating on the stock in a research note on Friday, November 15th. B. Riley boosted their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Finally, UBS Group boosted their price objective 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 Down 3.1 %

The company has a market cap of $6.84 billion, a price-to-earnings ratio of -11.16 and a beta of 1.60. 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 business has a fifty day moving average of $24.72 and a two-hundred day moving average of $21.01.

Insider Buying and Selling

In other AST SpaceMobile news, President Scott Wisniewski sold 2,700 shares of the business's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the sale, the president now directly owns 712,660 shares in the company, valued at approximately $16,476,699.20. The trade was a 0.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Huiwen Yao sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, October 8th. The stock was 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 owns 55,000 shares of the company's stock, valued at approximately $1,334,300. This trade represents a 45.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,700 shares of company stock valued at $3,220,524. 41.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently bought and sold shares of the company. Fairfield Financial Advisors LTD purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Hollencrest Capital Management purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Rakuten Securities Inc. purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $68,000. Sunbelt Securities Inc. grew its position in shares of AST SpaceMobile by 3,380.0% in the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company's stock valued at $91,000 after purchasing an additional 3,380 shares in the last quarter. Finally, KBC Group NV purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $104,000. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.

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.