AST SpaceMobile (NASDAQ:ASTS) Trading Down 7.6% – Time to Sell?

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

Wall Street Analyst Weigh In

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

AST SpaceMobile Price Performance

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 company has a market capitalization of $6.55 billion, a P/E ratio of -9.76 and a beta of 1.81. The company has a 50 day moving average price of $26.36 and a 200 day moving average price of $24.66.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now directly owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently made changes to their positions in ASTS. Rakuten Securities Inc. lifted its holdings in shares of AST SpaceMobile by 157.2% during the first quarter. Rakuten Securities Inc. now owns 24,603 shares of the company’s stock worth $559,000 after buying an additional 15,037 shares in the last quarter. FNY Investment Advisers LLC raised its stake in AST SpaceMobile by 31.3% in the 1st quarter. FNY Investment Advisers LLC now owns 50,124 shares of the company’s stock worth $1,139,000 after purchasing an additional 11,948 shares in the last quarter. Sowell Financial Services LLC bought a new stake in AST SpaceMobile in the 1st quarter valued at about $216,000. Janney Montgomery Scott LLC bought a new stake in AST SpaceMobile in the 1st quarter valued at about $331,000. Finally, Dynamic Advisor Solutions LLC increased its holdings in shares of AST SpaceMobile by 36.8% during the first quarter. Dynamic Advisor Solutions LLC now owns 116,847 shares of the company’s stock worth $2,657,000 after purchasing an additional 31,414 shares during the period. 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.