AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.6% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price traded down 4.6% during mid-day trading on Thursday . The stock traded as low as $28.87 and last traded at $29.74. 5,508,032 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 11,536,661 shares. The stock had previously closed at $31.17.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. UBS Group lifted their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th. Cantor Fitzgerald started coverage on shares of AST SpaceMobile in a research note on Thursday, February 6th. They set an “overweight” rating and a $30.00 target price on the stock. Finally, Scotiabank cut their price target on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a research note on Friday, January 24th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $40.04.

AST SpaceMobile Stock Performance

The firm’s 50-day moving average price is $23.61 and its 200-day moving average price is $25.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The stock has a market cap of $8.90 billion, a P/E ratio of -14.36 and a beta of 1.62.

Institutional Trading of AST SpaceMobile

A number of institutional investors and hedge funds have recently bought and sold shares of ASTS. Vanguard Group Inc. grew its position in shares of AST SpaceMobile by 49.4% during the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock valued at $316,233,000 after purchasing an additional 4,955,941 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of AST SpaceMobile in the 4th quarter worth $59,523,000. Privium Fund Management B.V. bought a new stake in shares of AST SpaceMobile in the 3rd quarter worth about $21,476,000. Charles Schwab Investment Management Inc. raised its position in shares of AST SpaceMobile by 228.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after buying an additional 787,566 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after acquiring an additional 399,713 shares during the last quarter. 60.95% of the stock is currently owned by 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.