AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 0.6% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) was down 0.6% during trading on Thursday . The stock traded as low as $26.08 and last traded at $27.13. Approximately 2,082,616 shares traded hands during trading, a decline of 83% from the average daily volume of 11,991,859 shares. The stock had previously closed at $27.29.

Analysts Set New Price Targets

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

AST SpaceMobile Stock Down 3.4 %

The company has a market cap of $8.34 billion, a price-to-earnings ratio of -12.43 and a beta of 1.62. The business has a fifty day moving average of $26.28 and a two-hundred day moving average of $25.16. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Activity

In related news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the sale, the director now owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in AST SpaceMobile by 49.4% in the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock valued at $316,233,000 after buying an additional 4,955,941 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of AST SpaceMobile by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock valued at $73,801,000 after acquiring an additional 229,759 shares in the last quarter. State Street Corp boosted its stake in shares of AST SpaceMobile by 14.8% in the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after acquiring an additional 399,713 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of AST SpaceMobile in the fourth quarter worth approximately $59,523,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of AST SpaceMobile by 11.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock worth $26,728,000 after purchasing an additional 135,008 shares in the last quarter. Hedge funds and other 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.