AST SpaceMobile (NASDAQ:ASTS) Trading Down 3.6%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price fell 3.6% during mid-day trading on Thursday . The company traded as low as $34.25 and last traded at $35.14. 6,592,124 shares were traded during trading, a decline of 30% from the average session volume of 9,367,795 shares. The stock had previously closed at $36.44.

Analysts Set New Price Targets

ASTS has been the topic of a number of recent analyst reports. Scotiabank upped their target price on shares of AST SpaceMobile from $21.10 to $28.00 and gave the company a “sector outperform” rating in a research report on Friday, August 16th. B. Riley upped their price objective on shares of AST SpaceMobile from $15.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, UBS Group boosted their target price on AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 15th.

AST SpaceMobile Price Performance

The company’s 50-day moving average price is $16.42 and its 200-day moving average price is $8.10. The company has a quick ratio of 7.51, a current ratio of 7.51 and a debt-to-equity ratio of 0.56. The firm has a market cap of $9.20 billion, a price-to-earnings ratio of -34.56 and a beta of 1.61.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors have recently modified their holdings of the business. Van ECK Associates Corp acquired a new position in AST SpaceMobile during the 4th quarter worth $246,000. Victory Capital Management Inc. purchased a new stake in shares of AST SpaceMobile during the fourth quarter worth approximately $65,000. PNC Financial Services Group Inc. raised its holdings in AST SpaceMobile by 319.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock valued at $985,000 after acquiring an additional 124,322 shares in the last quarter. IPG Investment Advisors LLC purchased a new position in AST SpaceMobile in the fourth quarter worth approximately $96,000. Finally, Rathbones Group PLC acquired a new position in AST SpaceMobile during the 4th quarter worth approximately $76,000. 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.