AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.5% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were down 3.5% during mid-day trading on Wednesday . The company traded as low as $21.73 and last traded at $22.20. Approximately 1,983,703 shares changed hands during trading, a decline of 63% from the average daily volume of 5,318,823 shares. The stock had previously closed at $23.00.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ASTS. Scotiabank decreased their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday, November 15th. UBS Group boosted their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th.

AST SpaceMobile Trading Down 2.4 %

The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $6.50 billion, a P/E ratio of -10.59 and a beta of 1.64. The company has a 50-day moving average price of $23.73 and a 200 day moving average price of $22.98.

Institutional Trading of AST SpaceMobile

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in shares of AST SpaceMobile by 56.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 472,769 shares of the company’s stock worth $5,489,000 after acquiring an additional 170,440 shares in the last quarter. Rhumbline Advisers increased its position in shares of AST SpaceMobile by 55.1% during the second quarter. Rhumbline Advisers now owns 181,966 shares of the company’s stock worth $2,113,000 after purchasing an additional 64,658 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of AST SpaceMobile by 5.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock valued at $180,000 after purchasing an additional 814 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of AST SpaceMobile in the 2nd quarter worth $595,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of AST SpaceMobile in the 2nd quarter worth $9,270,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.