AST SpaceMobile (NASDAQ:ASTS) Trading Down 4% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price dropped 4% on Thursday . The stock traded as low as $26.08 and last traded at $26.45. Approximately 3,127,115 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 11,855,674 shares. The stock had previously closed at $27.56.

Analyst Ratings Changes

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

AST SpaceMobile Stock Up 7.8 %

The business’s 50 day moving average price is $25.53 and its 200-day moving average price is $25.32. The firm has a market capitalization of $8.91 billion, a PE ratio of -13.28 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Buying and Selling

In related news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the sale, the director now directly owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 41.80% of the stock is owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently added to or reduced their stakes in the business. Summit Securities Group LLC acquired a new position in AST SpaceMobile during the 4th quarter worth approximately $37,000. Bernard Wealth Management Corp. acquired a new position in AST SpaceMobile during the 4th quarter worth approximately $42,000. Golden State Wealth Management LLC acquired a new position in AST SpaceMobile during the 4th quarter worth approximately $46,000. CIBC Private Wealth Group LLC grew its holdings 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 acquiring an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC acquired a new position in AST SpaceMobile during the 4th quarter worth approximately $67,000. 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.