AST SpaceMobile (NASDAQ:ASTS) Shares Down 7.2% - Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price dropped 7.2% on Friday . The stock traded as low as $23.80 and last traded at $23.93. Approximately 3,611,008 shares traded hands during trading, a decline of 70% from the average daily volume of 12,013,077 shares. The stock had previously closed at $25.80.

Analyst Ratings Changes

ASTS has been the subject of a number of analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Scotiabank reaffirmed an "outperform" rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Finally, UBS Group raised their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $42.98.

AST SpaceMobile Trading Up 5.6 %

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 firm has a 50-day moving average price of $26.46 and a 200-day moving average price of $25.04. The company has a market capitalization of $7.30 billion, a price-to-earnings ratio of -10.91 and a beta of 1.62.

Insider Buying and Selling

In related news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the sale, the director now directly owns 52,628 shares of the company's stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 41.80% of the stock is owned by corporate insiders.

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Institutional Investors Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in shares of 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 purchasing an additional 787,566 shares during the period. The Manufacturers Life Insurance Company increased its stake in AST SpaceMobile by 60.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,400 shares of the company's stock worth $2,155,000 after purchasing an additional 31,191 shares in the last quarter. FMR LLC increased its stake in AST SpaceMobile by 230.5% in the 3rd quarter. FMR LLC now owns 39,638 shares of the company's stock worth $1,037,000 after purchasing an additional 27,644 shares in the last quarter. MetLife Investment Management LLC raised its holdings in AST SpaceMobile by 12.4% during the 3rd quarter. MetLife Investment Management LLC now owns 76,302 shares of the company's stock worth $1,995,000 after buying an additional 8,441 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in AST SpaceMobile during the third quarter valued at about $626,000. Institutional investors and hedge funds 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.