AST SpaceMobile (NASDAQ:ASTS) Trading Down 0.6% – Here’s Why

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ASTS shares. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. UBS Group raised 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. Finally, Cantor Fitzgerald reiterated 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, Based on data from MarketBeat.com, AST SpaceMobile presently has a consensus rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Price Performance

The stock has a market capitalization of $7.61 billion, a price-to-earnings ratio of -11.35 and a beta of 1.62. The company’s 50-day simple moving average is $26.45 and its 200-day simple moving average is $25.15. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

Insiders Place Their Bets

In related news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares of the company’s stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC bought a new stake in shares of AST SpaceMobile during the 3rd quarter worth approximately $957,000. Charles Schwab Investment Management Inc. lifted its stake in AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after purchasing an additional 787,566 shares during the last quarter. Algert Global LLC acquired a new stake in shares of AST SpaceMobile in the 3rd quarter valued at $768,000. The Manufacturers Life Insurance Company lifted its position in shares of AST SpaceMobile by 60.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,400 shares of the company’s stock worth $2,155,000 after buying an additional 31,191 shares during the last quarter. Finally, FMR LLC grew its position in AST SpaceMobile by 230.5% in the third quarter. FMR LLC now owns 39,638 shares of the company’s stock valued at $1,037,000 after acquiring an additional 27,644 shares during the last quarter. 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.