AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.6% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded down 4.6% on Thursday . The company traded as low as $28.87 and last traded at $29.74. 5,508,032 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 11,536,661 shares. The stock had previously closed at $31.17.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Cantor Fitzgerald initiated coverage on shares of AST SpaceMobile in a research report on Thursday, February 6th. They set an “overweight” rating and a $30.00 target price on the stock. UBS Group boosted their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Scotiabank lowered their target price on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a report on Friday, January 24th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, AST SpaceMobile has an average rating of “Buy” and an average price target of $40.04.

AST SpaceMobile Stock 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 market cap of $8.30 billion, a PE ratio of -13.51 and a beta of 1.62. The business’s 50-day moving average price is $23.87 and its 200-day moving average price is $25.24.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently bought and sold shares of ASTS. Hollencrest Capital Management acquired a new stake in shares of AST SpaceMobile in the 3rd quarter worth $26,000. Fairfield Financial Advisors LTD purchased a new stake in AST SpaceMobile in the third quarter valued at about $26,000. Summit Securities Group LLC acquired a new stake in AST SpaceMobile in the fourth quarter worth about $37,000. Golden State Wealth Management LLC purchased a new stake in shares of AST SpaceMobile during the fourth quarter worth about $46,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after acquiring an additional 1,222 shares in the last quarter. 60.95% of the stock is owned by hedge funds and other 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.