AST SpaceMobile (NASDAQ:ASTS) Shares Down 7.6% - Should You Sell?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) traded down 7.6% during trading on Monday . The company traded as low as $22.30 and last traded at $21.62. 755,453 shares were traded during mid-day trading, a decline of 94% from the average session volume of 12,382,602 shares. The stock had previously closed at $23.39.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Scotiabank restated an "outperform" rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. UBS Group boosted their target price on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Finally, Roth Capital initiated coverage on AST SpaceMobile in a research note on Thursday, April 10th. They issued a "buy" rating and a $42.00 target price on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, AST SpaceMobile currently has a consensus rating of "Buy" and an average target price of $42.82.

AST SpaceMobile Trading Up 6.9 %

The business's 50-day moving average price is $25.86 and its 200 day moving average price is $24.59. The company has a market cap of $7.59 billion, a P/E ratio of -11.31 and a beta of 1.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insiders Place Their Bets

In related news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile 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 sale, the director now directly owns 52,628 shares of the company's stock, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 41.80% of the company's stock.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently made changes to their positions in ASTS. JPMorgan Chase & Co. grew its holdings in shares of AST SpaceMobile by 235.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company's stock valued at $6,479,000 after purchasing an additional 174,007 shares during the last quarter. Key Colony Management LLC grew its holdings in AST SpaceMobile by 44.1% during the 4th quarter. Key Colony Management LLC now owns 196,000 shares of the company's stock worth $4,136,000 after acquiring an additional 60,000 shares during the last quarter. Lake Hills Wealth Management LLC bought a new stake in AST SpaceMobile during the 4th quarter worth approximately $374,000. KBC Group NV grew its holdings in AST SpaceMobile by 63.8% during the 4th quarter. KBC Group NV now owns 6,509 shares of the company's stock worth $137,000 after acquiring an additional 2,536 shares during the last quarter. Finally, MBE Wealth Management LLC grew its holdings in AST SpaceMobile by 7.0% during the 4th quarter. MBE Wealth Management LLC now owns 39,718 shares of the company's stock worth $838,000 after acquiring an additional 2,602 shares during the last quarter. 60.95% of the stock is owned by institutional investors.

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.