AST SpaceMobile (NASDAQ:ASTS) Trading Down 0.2% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares dropped 0.2% during mid-day trading on Monday . The stock traded as low as $27.16 and last traded at $28.10. Approximately 3,448,410 shares changed hands during trading, a decline of 71% from the average daily volume of 11,892,445 shares. The stock had previously closed at $28.15.

Analyst Ratings Changes

Several analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a research note on Tuesday, March 4th. 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 report on Wednesday, March 5th. Finally, Scotiabank reiterated 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, Based on data from MarketBeat.com, AST SpaceMobile has a consensus rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Stock Performance

The stock’s 50 day moving average price is $25.67 and its 200 day moving average price is $25.23. 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 firm has a market cap of $8.31 billion, a PE ratio of -12.38 and a beta of 1.62.

Insider Transactions at AST SpaceMobile

In other AST SpaceMobile 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 value of $614,600.00. Following the completion of the sale, the director now owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASTS. Vanguard Group Inc. raised its position in shares of AST SpaceMobile by 49.4% in the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock valued at $316,233,000 after purchasing an additional 4,955,941 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of AST SpaceMobile in the 4th quarter worth about $59,523,000. Charles Schwab Investment Management Inc. raised its stake in shares of AST SpaceMobile by 228.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after purchasing an additional 787,566 shares in the last quarter. State Street Corp lifted its position in shares of AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after purchasing an additional 399,713 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after purchasing an additional 281,749 shares in the last quarter. 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.