AST SpaceMobile (NASDAQ:ASTS) Shares Down 1.9% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price dropped 1.9% during mid-day trading on Friday . The company traded as low as $29.55 and last traded at $31.58. Approximately 6,250,460 shares traded hands during trading, a decline of 51% from the average daily volume of 12,648,427 shares. The stock had previously closed at $32.18.

Wall Street Analyst Weigh In

ASTS has been the subject of a number of recent research reports. Scotiabank boosted their target price on AST SpaceMobile from $40.20 to $47.90 and gave the company a “sector outperform” rating in a research note on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, UBS Group raised their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, AST SpaceMobile presently has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Stock Performance

The business has a fifty day moving average of $24.93 and a 200-day moving average of $25.48. The company has a market cap of $9.68 billion, a PE ratio of -15.75 and a beta of 1.62. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Hedge Funds Weigh In On AST SpaceMobile

Several hedge funds have recently made changes to their positions in ASTS. Hollencrest Capital Management purchased a new stake in AST SpaceMobile in the third quarter worth $26,000. Summit Securities Group LLC bought a new position in AST SpaceMobile in the 4th quarter worth $37,000. Bernard Wealth Management Corp. purchased a new stake in shares of AST SpaceMobile in the 4th quarter worth about $42,000. Golden State Wealth Management LLC bought a new stake in shares of AST SpaceMobile during the 4th quarter valued at about $46,000. Finally, CIBC Private Wealth Group LLC increased its position in shares of AST SpaceMobile by 106.3% during 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 during the period. 60.95% of the stock is owned by hedge funds and other 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.