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

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares dropped 7.6% during mid-day trading on Monday . The stock traded as low as $22.30 and last traded at $21.62. Approximately 755,453 shares traded hands during trading, a decline of 94% from the average daily volume of 12,382,602 shares. The stock had previously closed at $23.39.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ASTS shares. Roth Capital began coverage on AST SpaceMobile in a research note on Thursday, April 10th. They issued a “buy” rating and a $42.00 price target for the company. UBS Group increased their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $42.82.

AST SpaceMobile Stock Performance

The company has a fifty day moving average of $26.36 and a two-hundred day moving average of $24.66. The company has a market cap of $6.55 billion, a price-to-earnings ratio of -9.76 and a beta of 1.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Buying and Selling

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the sale, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 41.80% of the stock is owned by corporate insiders.

Institutional Trading of AST SpaceMobile

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of AST SpaceMobile by 49.4% in the 4th 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 last quarter. Geode Capital Management LLC boosted its position in AST SpaceMobile by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock valued at $73,801,000 after acquiring an additional 229,759 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in AST SpaceMobile during the fourth quarter valued at $59,523,000. Charles Schwab Investment Management Inc. grew its holdings in AST SpaceMobile by 11.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock worth $26,728,000 after acquiring an additional 135,008 shares during the period. Finally, Northern Trust Corp raised its position in shares of AST SpaceMobile by 8.8% in the 4th quarter. Northern Trust Corp now owns 1,233,056 shares of the company’s stock worth $26,017,000 after acquiring an additional 100,153 shares in the last quarter. 60.95% of the stock is currently owned by institutional investors.

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.