AST SpaceMobile (NASDAQ:ASTS) Trading Down 1.1% – Here’s Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were down 1.1% during trading on Friday . The stock traded as low as $23.37 and last traded at $23.87. Approximately 1,688,241 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 10,641,028 shares. The stock had previously closed at $24.14.

Analyst Ratings Changes

Several research analysts have commented on ASTS shares. B. Riley increased their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 29th. UBS Group lifted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft increased their target price on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Scotiabank cut their target price on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday, November 15th.

AST SpaceMobile Stock Down 0.2 %

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The company has a 50 day simple moving average of $25.37 and a two-hundred day simple moving average of $19.19. The company has a market capitalization of $6.98 billion, a P/E ratio of -11.37 and a beta of 1.64.

Insider Activity

In other news, Director Adriana Cisneros acquired 4,934 shares of the business’s stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the completion of the transaction, the director now directly owns 774,772 shares of the company’s stock, valued at approximately $20,391,999.04. The trade was a 0.64 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Scott Wisniewski sold 2,700 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the sale, the president now owns 712,660 shares of the company’s stock, valued at $16,476,699.20. This trade represents a 0.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,700 shares of company stock valued at $3,220,524. 41.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently modified their holdings of ASTS. Janus Henderson Group PLC grew its position in AST SpaceMobile by 209.9% in the 1st quarter. Janus Henderson Group PLC now owns 7,450,467 shares of the company’s stock valued at $21,606,000 after acquiring an additional 5,046,667 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock worth $19,325,000 after purchasing an additional 2,217,531 shares during the last quarter. Privium Fund Management B.V. purchased a new position in AST SpaceMobile in the 3rd quarter worth about $21,476,000. Oppenheimer & Co. Inc. bought a new stake in AST SpaceMobile during the 2nd quarter valued at about $9,270,000. Finally, Charles Schwab Investment Management Inc. boosted its position in AST SpaceMobile by 228.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after buying an additional 787,566 shares during the period. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.