AST SpaceMobile (NASDAQ:ASTS) Shares Down 0.4% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded down 0.4% during mid-day trading on Thursday . The company traded as low as $24.81 and last traded at $25.54. 1,953,179 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 11,912,093 shares. The stock had previously closed at $25.65.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Scotiabank reissued an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Finally, UBS Group lifted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Trading Down 5.0 %

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 business’s 50 day simple moving average is $25.73 and its 200 day simple moving average is $25.24. The stock has a market cap of $7.71 billion, a P/E ratio of -11.44 and a beta of 1.62.

Insider Activity

In related 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 completion of the transaction, the director now directly owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 41.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds have recently added to or reduced their stakes in ASTS. Summit Securities Group LLC bought a new stake in shares of AST SpaceMobile during the 4th quarter worth about $37,000. Bernard Wealth Management Corp. bought a new position in shares of AST SpaceMobile during the fourth quarter worth approximately $42,000. Golden State Wealth Management LLC acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth $46,000. CIBC Private Wealth Group LLC boosted its position in shares of AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after acquiring an additional 1,222 shares during the period. Finally, AlphaQuest LLC acquired a new position in shares of AST SpaceMobile in the fourth quarter valued at about $67,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

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.