AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 2.4% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 2.4% during mid-day trading on Wednesday . The company traded as low as $25.36 and last traded at $25.62. Approximately 2,963,727 shares changed hands during trading, a decline of 75% from the average daily volume of 11,883,505 shares. The stock had previously closed at $26.25.

Wall Street Analyst Weigh In

ASTS has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of AST SpaceMobile in a report on Tuesday, March 4th. UBS Group raised their target price on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Finally, Scotiabank reissued an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Price Performance

The stock has a 50 day moving average price of $25.78 and a two-hundred day moving average price of $25.23. The company has a market capitalization of $7.78 billion, a PE ratio of -11.62 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insiders Place Their Bets

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in AST SpaceMobile by 49.4% during the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock worth $316,233,000 after buying an additional 4,955,941 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new position in AST SpaceMobile during the fourth quarter worth about $59,523,000. Charles Schwab Investment Management Inc. boosted its holdings in AST SpaceMobile by 228.9% during 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 purchasing an additional 787,566 shares in the last quarter. State Street Corp grew its stake in shares of 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 period. Finally, Geode Capital Management LLC raised its holdings in shares of AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after buying an additional 281,749 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.