AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 4.4% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were down 4.4% during mid-day trading on Tuesday . The company traded as low as $26.37 and last traded at $26.79. Approximately 2,709,671 shares traded hands during trading, a decline of 77% from the average daily volume of 11,872,513 shares. The stock had previously closed at $28.02.

Analysts Set New Price Targets

A number of analysts have weighed in on ASTS shares. UBS Group increased their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Finally, Scotiabank reissued an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Stock Performance

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $25.61 and a 200 day moving average price of $25.25. The stock has a market cap of $8.52 billion, a PE ratio of -12.79 and a beta of 1.62.

Insider Buying and Selling at AST SpaceMobile

In other 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 transaction, the director now directly owns 52,628 shares in the company, valued at approximately $1,617,258.44. This trade 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 accessible through this link. Insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

A number of hedge funds have recently bought and sold shares of ASTS. Summit Securities Group LLC purchased a new position in shares of AST SpaceMobile in the 4th quarter valued at approximately $37,000. Bernard Wealth Management Corp. purchased a new position in shares of AST SpaceMobile in the fourth quarter worth $42,000. Golden State Wealth Management LLC acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth $46,000. CIBC Private Wealth Group LLC grew its holdings 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 last quarter. Finally, AlphaQuest LLC acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at $67,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

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.