AST SpaceMobile (NASDAQ:ASTS) Trading Down 1.9% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price was down 1.9% during trading on Wednesday . The stock traded as low as $27.46 and last traded at $27.85. Approximately 4,178,547 shares traded hands during trading, a decline of 63% from the average daily volume of 11,289,271 shares. The stock had previously closed at $28.40.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Scotiabank decreased their target price on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a research report on Friday, January 24th. UBS Group boosted their price objective 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. Finally, Cantor Fitzgerald assumed coverage on shares of AST SpaceMobile in a research report on Thursday, February 6th. They set an “overweight” rating and a $30.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $40.04.

AST SpaceMobile Price Performance

The company has a market capitalization of $8.11 billion, a P/E ratio of -13.21 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 firm’s 50-day moving average is $22.82 and its 200-day moving average is $24.68.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its position in AST SpaceMobile by 235.9% during the third quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock valued at $6,479,000 after purchasing an additional 174,007 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of AST SpaceMobile by 141.1% during the 3rd quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock valued at $2,716,000 after buying an additional 60,530 shares in the last quarter. Algert Global LLC bought a new position in shares of AST SpaceMobile during the 3rd quarter valued at approximately $768,000. Americana Partners LLC bought a new stake in shares of AST SpaceMobile during the 3rd quarter valued at $673,000. Finally, Oppenheimer & Co. Inc. boosted its holdings in AST SpaceMobile by 6.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock worth $22,125,000 after buying an additional 47,600 shares during the period. 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.