AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares gapped down prior to trading on Monday . The stock had previously closed at $24.06, but opened at $22.83. AST SpaceMobile shares last traded at $23.26, with a volume of 2,235,120 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ASTS shares. UBS Group lifted their price objective on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. 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. Finally, Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Trading Down 3.9 %

The company’s fifty day moving average price is $26.46 and its two-hundred day moving average price is $25.04. 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 company has a market cap of $6.92 billion, a price-to-earnings ratio of -10.31 and a beta of 1.62.

Insider Activity at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the sale, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASTS. Xponance Inc. increased its holdings in shares of AST SpaceMobile by 8.7% in the fourth quarter. Xponance Inc. now owns 9,676 shares of the company’s stock valued at $204,000 after purchasing an additional 772 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares during the last quarter. Americana Partners LLC lifted its holdings in AST SpaceMobile by 5.2% in the fourth quarter. Americana Partners LLC now owns 27,047 shares of the company’s stock valued at $571,000 after buying an additional 1,326 shares during the period. Axxcess Wealth Management LLC boosted its stake in AST SpaceMobile by 16.7% in the fourth quarter. Axxcess Wealth Management LLC now owns 10,562 shares of the company’s stock valued at $223,000 after acquiring an additional 1,508 shares during the last quarter. Finally, Colonial River Investments LLC grew its stake in shares of AST SpaceMobile by 17.3% during the fourth quarter. Colonial River Investments LLC now owns 10,618 shares of the company’s stock worth $224,000 after purchasing an additional 1,564 shares during the period. Institutional investors and hedge funds 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.