AST SpaceMobile (NASDAQ:ASTS) Trading Down 7.2% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were down 7.2% during mid-day trading on Friday . The company traded as low as $23.80 and last traded at $23.93. Approximately 3,611,008 shares were traded during trading, a decline of 70% from the average daily volume of 12,013,077 shares. The stock had previously closed at $25.80.

Analysts Set New Price Targets

Several brokerages recently commented on ASTS. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. UBS Group upped their price objective 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. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Stock Down 6.7 %

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’s 50 day moving average price is $26.45 and its two-hundred day moving average price is $25.15. The company has a market cap of $7.61 billion, a P/E ratio of -11.35 and a beta of 1.62.

Insider Buying and Selling at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Xponance Inc. raised its position in shares of AST SpaceMobile by 8.7% during the fourth quarter. Xponance Inc. now owns 9,676 shares of the company’s stock worth $204,000 after purchasing an additional 772 shares during the period. CIBC Private Wealth Group LLC raised its holdings in 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 buying an additional 1,222 shares during the last quarter. Americana Partners LLC raised its holdings in AST SpaceMobile by 5.2% during the fourth quarter. Americana Partners LLC now owns 27,047 shares of the company’s stock worth $571,000 after buying an additional 1,326 shares during the last quarter. Axxcess Wealth Management LLC grew its holdings in shares of AST SpaceMobile by 16.7% during the fourth quarter. Axxcess Wealth Management LLC now owns 10,562 shares of the company’s stock valued at $223,000 after buying an additional 1,508 shares during the last quarter. Finally, Colonial River Investments LLC increased its position in shares of AST SpaceMobile by 17.3% during the fourth quarter. Colonial River Investments LLC now owns 10,618 shares of the company’s stock worth $224,000 after acquiring an additional 1,564 shares in the last quarter. Institutional investors 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.