AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares gapped down before the market opened on Thursday . The stock had previously closed at $22.49, but opened at $19.15. AST SpaceMobile shares last traded at $19.40, with a volume of 11,029,376 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Scotiabank cut their price target on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a research note on Friday. UBS Group increased their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

AST SpaceMobile Price Performance

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 business has a 50-day simple moving average of $23.02 and a 200-day simple moving average of $23.73.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ASTS. Fairfield Financial Advisors LTD bought a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Hollencrest Capital Management acquired a new position in AST SpaceMobile during the 3rd quarter valued at $26,000. Rakuten Securities Inc. bought a new stake in AST SpaceMobile in the 3rd quarter valued at $68,000. Sunbelt Securities Inc. grew its position in AST SpaceMobile by 3,380.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after purchasing an additional 3,380 shares during the last quarter. Finally, KBC Group NV bought a new position in shares of AST SpaceMobile during the 3rd quarter worth about $104,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.