AST SpaceMobile (NASDAQ:ASTS) Trading Down 7.2% – What’s Next?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 7.2% on Monday . The stock traded as low as $29.91 and last traded at $31.00. Approximately 5,779,895 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 11,787,901 shares. The stock had previously closed at $33.40.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ASTS. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, UBS Group raised their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Stock Down 1.6 %

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’s fifty day simple moving average is $25.23 and its two-hundred day simple moving average is $25.34. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of -13.52 and a beta of 1.62.

Insider Activity at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following 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 document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

Hedge funds have recently bought and sold shares of the company. Bernard Wealth Management Corp. purchased a new position in shares of AST SpaceMobile in the fourth quarter worth approximately $42,000. First Heartland Consultants Inc. boosted its stake in AST SpaceMobile by 42.3% in the 4th quarter. First Heartland Consultants Inc. now owns 14,499 shares of the company’s stock worth $306,000 after purchasing an additional 4,311 shares during the period. PharVision Advisers LLC purchased a new position in AST SpaceMobile during the 4th quarter worth approximately $541,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in AST SpaceMobile by 49.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,810 shares of the company’s stock valued at $5,820,000 after purchasing an additional 91,536 shares during the period. Finally, Twinbeech Capital LP purchased a new stake in shares of AST SpaceMobile in the fourth quarter valued at $4,684,000. 60.95% of the stock is 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.