AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $32.18, but opened at $31.40. AST SpaceMobile shares last traded at $31.51, with a volume of 2,479,921 shares traded.

Wall Street Analyst Weigh In

ASTS has been the subject of a number of recent analyst reports. Scotiabank boosted their target price on AST SpaceMobile from $40.20 to $47.90 and gave the stock a “sector outperform” rating in a research report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday. Finally, UBS Group upped their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, AST SpaceMobile currently has an average rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Price Performance

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average price is $24.72 and its two-hundred day moving average price is $25.58. The stock has a market cap of $8.79 billion, a price-to-earnings ratio of -14.11 and a beta of 1.62.

Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently modified their holdings of the business. Hollencrest Capital Management purchased a new position in AST SpaceMobile during the third quarter worth about $26,000. Summit Securities Group LLC purchased a new position in AST SpaceMobile in the fourth quarter valued at $37,000. Bernard Wealth Management Corp. purchased a new position in AST SpaceMobile in the fourth quarter valued at approximately $42,000. Golden State Wealth Management LLC purchased a new stake in AST SpaceMobile in the fourth quarter valued at $46,000. Finally, CIBC Private Wealth Group LLC grew its position in shares of AST SpaceMobile by 106.3% during 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 last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.

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.