AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.2% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares dropped 7.2% during trading on Friday . The stock traded as low as $23.80 and last traded at $23.93. Approximately 3,611,008 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 12,013,077 shares. The stock had previously closed at $25.80.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. UBS Group boosted their price objective on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, March 5th. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price 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, the stock has a consensus rating of “Buy” and a consensus target price of $42.98.

AST SpaceMobile Trading Down 7.2 %

The stock’s 50 day moving average is $26.38 and its 200-day moving average is $25.17. The company has a market cap of $7.58 billion, a P/E ratio of -11.28 and a beta of 1.62. 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 Buying and Selling

In other news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction that occurred 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 directly owns 52,628 shares in the company, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 41.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently modified their holdings of the company. Summit Securities Group LLC bought a new position in AST SpaceMobile in the fourth quarter valued at about $37,000. Bernard Wealth Management Corp. purchased a new position in shares of AST SpaceMobile in the fourth quarter worth approximately $42,000. Golden State Wealth Management LLC bought a new stake in AST SpaceMobile during the fourth quarter valued at approximately $46,000. CIBC Private Wealth Group LLC raised its position in AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after acquiring an additional 1,222 shares during the period. Finally, AlphaQuest LLC purchased a new position in shares of AST SpaceMobile during the 4th quarter worth $67,000. 60.95% of the stock is owned by 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.