AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.4% – What’s Next?

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on ASTS shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Finally, UBS Group lifted their price objective 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 research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Price Performance

The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock 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 capitalization of $8.52 billion, a price-to-earnings 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 stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the transaction, the director now owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 41.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

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

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.