AST SpaceMobile (NASDAQ:ASTS) Shares Down 2.4% – What’s Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price was down 2.4% during trading on Wednesday . The company traded as low as $25.36 and last traded at $25.62. Approximately 2,963,727 shares were traded during trading, a decline of 75% from the average daily volume of 11,883,505 shares. The stock had previously closed at $26.25.

Analyst Ratings Changes

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

AST SpaceMobile Price Performance

The company has a 50-day moving average of $25.67 and a 200-day moving average of $25.23. 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 capitalization of $7.96 billion, a price-to-earnings ratio of -11.87 and a beta of 1.62.

Insider Activity

In related news, Director Julio A. Torres sold 20,000 shares of the firm’s stock in a transaction 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 in the company, 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 SEC, which is available at this hyperlink. Corporate insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of large investors have recently added to or reduced their stakes in ASTS. Summit Securities Group LLC acquired a new position in shares of AST SpaceMobile during the fourth quarter worth about $37,000. Bernard Wealth Management Corp. acquired a new position in AST SpaceMobile during the fourth quarter worth $42,000. Golden State Wealth Management LLC bought a new position in AST SpaceMobile in the fourth quarter valued at $46,000. CIBC Private Wealth Group LLC lifted its position 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 buying an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC acquired a new position in shares of AST SpaceMobile during the 4th quarter worth about $67,000. Institutional investors own 60.95% of the company’s stock.

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.