AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.7% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 3.7% during trading on Tuesday . The stock traded as low as $22.81 and last traded at $23.24. 2,206,176 shares changed hands during trading, a decline of 60% from the average session volume of 5,513,919 shares. The stock had previously closed at $24.14.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ASTS shares. Scotiabank dropped their price objective on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday, November 15th. UBS Group increased their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

AST SpaceMobile Stock Performance

The firm’s fifty day moving average is $23.68 and its 200-day moving average is $22.97. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $6.52 billion, a PE ratio of -10.62 and a beta of 1.64.

Hedge Funds Weigh In On AST SpaceMobile

Several large investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. purchased a new stake in AST SpaceMobile in the second quarter valued at approximately $278,000. Van ECK Associates Corp raised its holdings in shares of AST SpaceMobile by 141.1% in the 3rd quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock valued at $2,716,000 after buying an additional 60,530 shares during the period. Algert Global LLC purchased a new stake in shares of AST SpaceMobile in the 3rd quarter valued at $768,000. Americana Partners LLC acquired a new position in AST SpaceMobile during the 3rd quarter worth about $673,000. Finally, Oppenheimer & Co. Inc. boosted its holdings in AST SpaceMobile by 6.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock valued at $22,125,000 after acquiring an additional 47,600 shares during the period. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.