AST SpaceMobile (NASDAQ:ASTS) Trading Down 2.4% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares dropped 2.4% on Wednesday . The stock traded as low as $25.36 and last traded at $25.62. Approximately 2,963,727 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 11,883,505 shares. The stock had previously closed at $26.25.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. UBS Group boosted their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, March 5th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, Scotiabank reaffirmed 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, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Stock Performance

The stock’s 50 day moving average price is $25.78 and its 200 day moving average price is $25.23. 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 firm has a market cap of $7.78 billion, a PE ratio of -11.62 and a beta of 1.62.

Insiders Place Their Bets

In other news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 41.80% of the stock is currently owned by company insiders.

Institutional Trading of AST SpaceMobile

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in AST SpaceMobile by 49.4% in the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock worth $316,233,000 after purchasing an additional 4,955,941 shares during the period. Geode Capital Management LLC boosted its holdings in shares of AST SpaceMobile by 7.0% during 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 during the period. State Street Corp increased its holdings 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 worth $80,845,000 after acquiring an additional 399,713 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in AST SpaceMobile in the 4th quarter worth about $59,523,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of AST SpaceMobile by 11.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock valued at $26,728,000 after purchasing an additional 135,008 shares during the period. 60.95% of the stock is owned by 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.