AST SpaceMobile (NASDAQ:ASTS) Shares Down 1.4% Following Insider Selling

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were down 1.4% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $27.30 and last traded at $28.72. Approximately 5,101,094 shares were traded during trading, a decline of 57% from the average daily volume of 11,798,512 shares. The stock had previously closed at $29.14.

Specifically, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

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

AST SpaceMobile Stock Down 0.0 %

The firm’s 50 day moving average is $25.07 and its two-hundred day moving average is $25.37. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm has a market cap of $9.22 billion, a P/E ratio of -13.59 and a beta of 1.62.

Institutional Trading of AST SpaceMobile

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of AST SpaceMobile by 235.9% during the third quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock worth $6,479,000 after acquiring an additional 174,007 shares during the period. Van ECK Associates Corp raised its stake in shares of AST SpaceMobile by 141.1% in the 3rd quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock valued at $2,716,000 after purchasing an additional 60,530 shares during the period. Algert Global LLC bought a new stake in shares of AST SpaceMobile in the third quarter valued at about $768,000. Handelsbanken Fonder AB acquired a new position in shares of AST SpaceMobile during the fourth quarter worth about $755,000. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of AST SpaceMobile by 6.0% during the third quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock worth $22,125,000 after buying an additional 47,600 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.