AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $24.06, but opened at $22.83. AST SpaceMobile shares last traded at $23.26, with a volume of 2,235,120 shares trading hands.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Trading Down 4.3 %

The firm has a market capitalization of $7.29 billion, a price-to-earnings ratio of -10.87 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. The company has a 50-day moving average price of $26.45 and a 200-day moving average price of $25.13.

Insider Buying and Selling at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were 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 of the company’s stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 41.80% of the stock is currently owned by insiders.

Institutional Trading of AST SpaceMobile

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Summit Securities Group LLC purchased a new position in AST SpaceMobile during the 4th quarter worth $37,000. Bernard Wealth Management Corp. purchased a new stake in AST SpaceMobile during the 4th quarter valued at approximately $42,000. Golden State Wealth Management LLC acquired a new stake in AST SpaceMobile during the 4th quarter worth approximately $46,000. CIBC Private Wealth Group LLC increased its holdings in shares of AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after purchasing an additional 1,222 shares during the period. Finally, AlphaQuest LLC purchased a new stake in shares of AST SpaceMobile during the fourth quarter worth approximately $67,000. Institutional investors and hedge funds 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.