AST SpaceMobile (NASDAQ:ASTS) Trading Down 7.8% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 7.8% during mid-day trading on Tuesday . The company traded as low as $25.83 and last traded at $26.35. 5,593,033 shares changed hands during trading, a decline of 52% from the average session volume of 11,541,795 shares. The stock had previously closed at $28.57.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ASTS. UBS Group raised their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Scotiabank lowered their price target 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. Finally, Cantor Fitzgerald began coverage on AST SpaceMobile in a research note on Thursday, February 6th. They set an “overweight” rating and a $30.00 price target on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $40.04.

AST SpaceMobile Price Performance

The stock has a 50 day moving average of $23.96 and a 200-day moving average of $25.36. 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 company has a market cap of $7.65 billion, a PE ratio of -12.46 and a beta of 1.62.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently modified their holdings of the company. First Heartland Consultants Inc. raised its position in AST SpaceMobile by 42.3% during the 4th quarter. First Heartland Consultants Inc. now owns 14,499 shares of the company’s stock worth $306,000 after buying an additional 4,311 shares during the last quarter. PharVision Advisers LLC purchased a new stake in shares of AST SpaceMobile in the fourth quarter worth about $541,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of AST SpaceMobile by 49.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,810 shares of the company’s stock worth $5,820,000 after buying an additional 91,536 shares during the last quarter. Twinbeech Capital LP acquired a new stake in AST SpaceMobile during the fourth quarter worth about $4,684,000. Finally, Two Sigma Investments LP raised its position in AST SpaceMobile by 117.5% during the fourth quarter. Two Sigma Investments LP now owns 51,874 shares of the company’s stock valued at $1,095,000 after acquiring an additional 28,025 shares in the last quarter. Institutional investors and hedge funds 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.