AST SpaceMobile (NASDAQ:ASTS) Trading Down 4% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price fell 4% on Thursday . The stock traded as low as $26.08 and last traded at $26.45. 3,127,115 shares were traded during mid-day trading, a decline of 74% from the average session volume of 11,855,674 shares. The stock had previously closed at $27.56.

Wall Street Analyst Weigh In

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

AST SpaceMobile Stock Down 6.0 %

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 firm has a 50-day moving average of $25.35 and a 200 day moving average of $25.35. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of -12.20 and a beta of 1.62.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the 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 completion of the sale, the director now owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 41.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently modified their holdings of the company. Summit Securities Group LLC acquired a new position in AST SpaceMobile during the fourth quarter worth approximately $37,000. Bernard Wealth Management Corp. acquired a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $42,000. Golden State Wealth Management LLC bought a new position in AST SpaceMobile during the fourth quarter worth $46,000. CIBC Private Wealth Group LLC increased its holdings in shares of AST SpaceMobile by 106.3% in the fourth 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 during the last quarter. Finally, AlphaQuest LLC bought a new position in shares of AST SpaceMobile in the fourth quarter valued at about $67,000. 60.95% of the stock is owned by 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.

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