AST SpaceMobile (NASDAQ:ASTS) Trading Down 4.9% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price dropped 4.9% during mid-day trading on Friday . The company traded as low as $29.64 and last traded at $30.10. Approximately 3,592,535 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 11,448,361 shares. The stock had previously closed at $31.63.

Wall Street Analysts Forecast Growth

ASTS has been the subject of several research analyst reports. Scotiabank dropped their target price on shares of AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a research report on Friday, January 24th. Cantor Fitzgerald initiated coverage on shares of AST SpaceMobile in a report on Thursday, February 6th. They issued an “overweight” rating and a $30.00 price objective on the stock. Finally, UBS Group lifted their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $40.04.

AST SpaceMobile Price Performance

The company has a market capitalization of $8.36 billion, a PE ratio of -13.64 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The company’s 50 day simple moving average is $23.77 and its 200 day simple moving average is $25.17.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of 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 purchasing an additional 4,955,941 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at approximately $59,523,000. Privium Fund Management B.V. acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at approximately $21,476,000. Charles Schwab Investment Management Inc. raised its position in shares of 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 purchasing an additional 787,566 shares in the last quarter. Finally, State Street Corp raised its position in shares of AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after purchasing an additional 399,713 shares in the last quarter. 60.95% of the stock is owned by institutional investors and hedge funds.

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.