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

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) traded down 4% during trading 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.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. UBS Group raised their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, March 5th. Scotiabank reissued an "outperform" rating on shares of AST SpaceMobile in a report 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 report on Tuesday, March 4th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AST SpaceMobile currently has an average rating of "Buy" and an average target price of $42.98.

AST SpaceMobile Stock Performance

The company has a market capitalization of $8.31 billion, a P/E ratio of -12.38 and a beta of 1.62. The stock has a fifty day simple moving average of $25.61 and a 200-day simple moving average of $25.25. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Activity

In other news, Director Julio A. Torres sold 20,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was 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 directly owns 52,628 shares in the company, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 41.80% of the stock is currently owned by corporate insiders.

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Institutional Trading of AST SpaceMobile

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank increased its stake in shares of AST SpaceMobile by 17.4% in the third quarter. Amalgamated Bank now owns 4,578 shares of the company's stock valued at $120,000 after buying an additional 679 shares in the last quarter. Xponance Inc. increased its stake in shares of AST SpaceMobile by 8.7% in the fourth quarter. Xponance Inc. now owns 9,676 shares of the company's stock valued at $204,000 after buying an additional 772 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake 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 buying an additional 1,222 shares in the last quarter. Americana Partners LLC increased its stake in shares of AST SpaceMobile by 5.2% in the fourth quarter. Americana Partners LLC now owns 27,047 shares of the company's stock valued at $571,000 after buying an additional 1,326 shares in the last quarter. Finally, Axxcess Wealth Management LLC increased its position in AST SpaceMobile by 16.7% in the fourth quarter. Axxcess Wealth Management LLC now owns 10,562 shares of the company's stock worth $223,000 after purchasing an additional 1,508 shares during the period. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.