AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.6% – Time to Sell?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 3.6% during trading on Monday . The stock traded as low as $22.22 and last traded at $23.19. 3,635,654 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 12,060,575 shares. The stock had previously closed at $24.06.

Analysts Set New Price Targets

Several analysts recently weighed in on ASTS shares. UBS Group lifted 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Finally, Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile 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 currently has an average rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Price Performance

The company has a 50 day moving average of $26.45 and a 200 day moving average of $25.13. 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 stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of -10.89 and a beta of 1.62.

Insider Transactions at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile 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 completion of the sale, the director now directly owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC purchased a new stake in AST SpaceMobile during the fourth quarter worth approximately $37,000. Bernard Wealth Management Corp. purchased a new stake in shares of AST SpaceMobile during the 4th quarter worth approximately $42,000. Golden State Wealth Management LLC acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at $46,000. CIBC Private Wealth Group LLC grew its position in shares of AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after buying an additional 1,222 shares during the last quarter. Finally, AlphaQuest LLC acquired a new stake in AST SpaceMobile during the 4th quarter worth $67,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.