AST SpaceMobile (NASDAQ:ASTS) Trading Down 0.4% – Here’s Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 0.4% during mid-day trading on Thursday . The stock traded as low as $24.81 and last traded at $25.54. 1,953,179 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 11,912,093 shares. The stock had previously closed at $25.65.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Stock Up 4.1 %

The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The company has a 50-day moving average of $25.84 and a two-hundred day moving average of $25.21. The company has a market capitalization of $8.14 billion, a PE ratio of -12.13 and a beta of 1.62.

Insider Activity

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the firm’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 owns 52,628 shares in the company, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

A number of hedge funds and other institutional investors have recently modified their holdings of ASTS. Summit Securities Group LLC bought a new position in AST SpaceMobile in the 4th quarter worth $37,000. Bernard Wealth Management Corp. bought a new position in shares of AST SpaceMobile in the fourth quarter worth about $42,000. Golden State Wealth Management LLC purchased a new stake in shares of AST SpaceMobile during the fourth quarter worth about $46,000. CIBC Private Wealth Group LLC grew its position 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 worth $53,000 after purchasing an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in AST SpaceMobile during the 4th quarter valued at 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.