AST SpaceMobile (NASDAQ:ASTS) Shares Down 0.4% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded down 0.4% during mid-day trading on Thursday . The stock traded as low as $24.81 and last traded at $25.54. 1,953,179 shares changed hands during trading, a decline of 84% from the average session volume of 11,912,093 shares. The stock had previously closed at $25.65.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports 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 note on Wednesday, March 5th. Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price 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 has a 50-day simple moving average of $25.73 and a 200 day simple moving average of $25.24. The company has a market cap of $7.71 billion, a PE ratio of -11.44 and a beta of 1.62.

Insider Buying and Selling at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now directly owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 41.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in AST SpaceMobile by 49.4% in the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock valued at $316,233,000 after purchasing an additional 4,955,941 shares during the period. Geode Capital Management LLC grew its position in shares of AST SpaceMobile by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock valued at $73,801,000 after buying an additional 229,759 shares during the last quarter. State Street Corp lifted its position in AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after purchasing an additional 399,713 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of AST SpaceMobile during the fourth quarter valued at approximately $59,523,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in AST SpaceMobile by 11.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock valued at $26,728,000 after acquiring an additional 135,008 shares during the last quarter. 60.95% of the stock is owned by institutional investors and hedge funds.

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.