AST SpaceMobile (NASDAQ:ASTS) Trading Down 2.1% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price was down 2.1% during mid-day trading on Tuesday . The stock traded as low as $23.45 and last traded at $23.70. Approximately 2,439,673 shares changed hands during trading, a decline of 77% from the average daily volume of 10,623,340 shares. The stock had previously closed at $24.21.

Analyst Ratings Changes

ASTS has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. B. Riley increased their price objective on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. UBS Group lifted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Scotiabank reduced their target price on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a report on Friday, November 15th.

AST SpaceMobile Stock Performance

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 firm has a market cap of $6.76 billion, a PE ratio of -11.18 and a beta of 1.64. The stock has a 50-day moving average price of $25.26 and a 200 day moving average price of $19.46.

Insider Buying and Selling

In other news, CTO Huiwen Yao sold 45,000 shares of the firm’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total value of $1,091,700.00. Following the transaction, the chief technology officer now owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. This trade represents a 45.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Adriana Cisneros purchased 4,934 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $26.32 per share, with a total value of $129,862.88. Following the completion of the transaction, the director now owns 774,772 shares in the company, valued at $20,391,999.04. This trade represents a 0.64 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 127,700 shares of company stock valued at $3,220,524. Insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its holdings in AST SpaceMobile by 209.9% in the 1st quarter. Janus Henderson Group PLC now owns 7,450,467 shares of the company’s stock worth $21,606,000 after buying an additional 5,046,667 shares in the last quarter. Vanguard Group Inc. boosted its holdings in AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock valued at $19,325,000 after purchasing an additional 2,217,531 shares during the last quarter. Privium Fund Management B.V. acquired a new stake in AST SpaceMobile during the 3rd quarter valued at approximately $21,476,000. Oppenheimer & Co. Inc. purchased a new stake in AST SpaceMobile during the 2nd quarter worth approximately $9,270,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of AST SpaceMobile by 228.9% in the 3rd 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. 60.95% of the stock is currently owned by hedge funds and other 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.