AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.6% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price fell 3.6% during mid-day trading on Monday . The stock traded as low as $22.22 and last traded at $23.19. 3,635,654 shares changed hands during trading, a decline of 70% from the average session volume of 12,060,575 shares. The stock had previously closed at $24.06.

Wall Street Analysts Forecast Growth

ASTS has been the subject of a number of research reports. UBS Group boosted their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Stock Down 3.9 %

The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a market cap of $6.92 billion, a PE ratio of -10.31 and a beta of 1.62. The company’s 50-day simple moving average is $26.46 and its two-hundred day simple moving average is $25.04.

Insiders Place Their Bets

In other news, Director Julio A. Torres sold 20,000 shares of the firm’s stock in a transaction dated 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 directly owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

Several large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its stake in AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after purchasing an additional 787,566 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of AST SpaceMobile by 60.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,400 shares of the company’s stock worth $2,155,000 after acquiring an additional 31,191 shares in the last quarter. FMR LLC lifted its position in AST SpaceMobile by 230.5% during the 3rd quarter. FMR LLC now owns 39,638 shares of the company’s stock valued at $1,037,000 after acquiring an additional 27,644 shares during the period. MetLife Investment Management LLC boosted its stake in AST SpaceMobile by 12.4% during the third quarter. MetLife Investment Management LLC now owns 76,302 shares of the company’s stock worth $1,995,000 after acquiring an additional 8,441 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in AST SpaceMobile in the third quarter worth about $626,000. 60.95% of the stock is owned by institutional investors.

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.