AST SpaceMobile (NASDAQ:ASTS) Trading Down 0.6% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 0.6% on Thursday . The company traded as low as $26.08 and last traded at $27.13. Approximately 2,082,616 shares traded hands during trading, a decline of 83% from the average daily volume of 11,991,859 shares. The stock had previously closed at $27.29.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ASTS shares. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, UBS Group lifted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Five investment 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 Down 6.7 %

The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of -11.35 and a beta of 1.62. 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 fifty day moving average of $26.45 and a two-hundred day moving average of $25.15.

Insider Buying and Selling at AST SpaceMobile

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 stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now directly owns 52,628 shares of the company’s stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASTS. Summit Securities Group LLC acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth $37,000. Bernard Wealth Management Corp. bought a new stake in AST SpaceMobile during the fourth quarter valued at $42,000. Golden State Wealth Management LLC acquired a new stake in AST SpaceMobile during the 4th quarter worth about $46,000. CIBC Private Wealth Group LLC raised its position in shares of AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after acquiring an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at about $67,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.