AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 1.3% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 1.3% on Tuesday . The company traded as low as $28.65 and last traded at $28.93. 1,906,312 shares changed hands during trading, a decline of 84% from the average session volume of 12,066,075 shares. The stock had previously closed at $29.30.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ASTS shares. UBS Group lifted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Price Performance

The company has a market cap of $8.17 billion, a price-to-earnings ratio of -12.17 and a beta of 1.62. The stock’s 50-day simple moving average is $26.28 and its 200 day simple moving average is $25.16. 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 at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of the business’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 sale, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 41.80% of the stock is owned by insiders.

Institutional Trading of AST SpaceMobile

Institutional investors and hedge funds have recently bought and sold shares of the business. Summit Securities Group LLC purchased a new stake in AST SpaceMobile during the 4th quarter worth approximately $37,000. Bernard Wealth Management Corp. purchased a new position in AST SpaceMobile in the fourth quarter valued at $42,000. Golden State Wealth Management LLC acquired a new position in AST SpaceMobile during the 4th quarter worth $46,000. CIBC Private Wealth Group LLC increased its holdings in AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares during the period. Finally, AlphaQuest LLC acquired a new stake in AST SpaceMobile in the 4th quarter valued at about $67,000. 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.