AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.4% – What’s Next?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were down 4.4% during mid-day trading on Tuesday . The company traded as low as $26.37 and last traded at $26.79. Approximately 2,709,671 shares were traded during trading, a decline of 77% from the average daily volume of 11,872,513 shares. The stock had previously closed at $28.02.

Analysts Set New Price Targets

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

AST SpaceMobile Stock Performance

The firm’s 50 day simple moving average is $25.73 and its 200-day simple moving average is $25.24. The company has a market cap of $8.12 billion, a price-to-earnings ratio of -12.10 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Activity at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. The trade was a 27.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 41.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently made changes to their positions in ASTS. Summit Securities Group LLC purchased a new stake in AST SpaceMobile in the 4th quarter valued at $37,000. Bernard Wealth Management Corp. purchased a new position in AST SpaceMobile during the fourth quarter worth about $42,000. Golden State Wealth Management LLC acquired a new position in AST SpaceMobile in the 4th quarter valued at about $46,000. CIBC Private Wealth Group LLC grew its stake 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 period. Finally, AlphaQuest LLC purchased a new stake in shares of AST SpaceMobile during the 4th quarter valued at approximately $67,000. Institutional investors and hedge funds 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.