AST SpaceMobile (NASDAQ:ASTS) Trading Down 14.9%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price fell 14.9% during trading on Tuesday . The company traded as low as $31.91 and last traded at $32.85. 18,157,309 shares changed hands during mid-day trading, an increase of 99% from the average session volume of 9,127,169 shares. The stock had previously closed at $38.60.

Analyst Upgrades and Downgrades

A number of research firms have commented on ASTS. Scotiabank lifted their price objective on shares of AST SpaceMobile from $21.10 to $28.00 and gave the stock a “sector outperform” rating in a report on Friday. UBS Group lifted their price objective on shares of AST SpaceMobile from $13.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, B. Riley lifted their price objective on shares of AST SpaceMobile from $15.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, August 15th.

AST SpaceMobile Price Performance

The company has a quick ratio of 7.51, a current ratio of 7.51 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $8.84 billion, a P/E ratio of -33.52 and a beta of 1.61. The business has a 50 day simple moving average of $15.40 and a 200-day simple moving average of $7.68.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently modified their holdings of ASTS. Victory Capital Management Inc. raised its position in AST SpaceMobile by 5.5% in the second quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after acquiring an additional 814 shares in the last quarter. Accordant Advisory Group Inc raised its position in AST SpaceMobile by 2.0% in the second quarter. Accordant Advisory Group Inc now owns 162,823 shares of the company’s stock worth $1,890,000 after acquiring an additional 3,146 shares in the last quarter. MBE Wealth Management LLC raised its position in AST SpaceMobile by 34.1% in the second quarter. MBE Wealth Management LLC now owns 27,000 shares of the company’s stock worth $313,000 after acquiring an additional 6,870 shares in the last quarter. Cantor Fitzgerald L. P. bought a new stake in AST SpaceMobile in the fourth quarter worth about $66,000. Finally, Calton & Associates Inc. bought a new stake in AST SpaceMobile in the second quarter worth about $128,000. 60.95% of the stock is currently owned by 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.