AST SpaceMobile (NASDAQ:ASTS) Shares Down 7.6% – What’s Next?

by · The Markets Daily

AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report)’s stock price dropped 7.6% during trading on Friday . The company traded as low as $18.75 and last traded at $19.94. Approximately 4,918,739 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 12,060,898 shares. The stock had previously closed at $21.58.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ASTS shares. UBS Group raised their price objective on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Five investment 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 target price of $42.98.

Read Our Latest Report on AST SpaceMobile

AST SpaceMobile Price Performance

The company has a market capitalization of $6.35 billion, a PE ratio of -9.47 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The stock’s 50 day simple moving average is $26.49 and its 200-day simple moving average is $25.00.

Insider Buying and Selling at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction 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 transaction, the director now directly owns 52,628 shares in the company, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 41.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its holdings in AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after acquiring an additional 787,566 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of AST SpaceMobile by 60.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,400 shares of the company’s stock valued at $2,155,000 after purchasing an additional 31,191 shares in the last quarter. FMR LLC lifted its position in shares of AST SpaceMobile by 230.5% during the 3rd quarter. FMR LLC now owns 39,638 shares of the company’s stock worth $1,037,000 after purchasing an additional 27,644 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of AST SpaceMobile by 12.4% during the third quarter. MetLife Investment Management LLC now owns 76,302 shares of the company’s stock worth $1,995,000 after purchasing an additional 8,441 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in AST SpaceMobile in the third quarter valued at $626,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

About AST SpaceMobile

(Get Free Report)

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.

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