AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.6% - What's Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) was down 3.6% during trading on Monday . The stock traded as low as $22.22 and last traded at $23.19. Approximately 3,635,654 shares changed hands during trading, a decline of 70% from the average daily volume of 12,060,575 shares. The stock had previously closed at $24.06.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Scotiabank reissued an "outperform" rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Finally, UBS Group raised their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AST SpaceMobile presently has a consensus rating of "Buy" and a consensus target price of $42.98.

AST SpaceMobile Price Performance

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The company has a market cap of $6.35 billion, a price-to-earnings ratio of -9.47 and a beta of 1.81. The stock's 50-day simple moving average is $26.49 and its 200 day simple moving average is $24.93.

Insider Transactions at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of the business's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the sale, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 41.80% of the company's stock.

Institutional Trading of AST SpaceMobile

Institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in shares of AST SpaceMobile by 235.9% in the third quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company's stock valued at $6,479,000 after purchasing an additional 174,007 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of AST SpaceMobile by 11.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock worth $26,728,000 after acquiring an additional 135,008 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of AST SpaceMobile during the fourth quarter worth $755,000. Van ECK Associates Corp raised its stake in shares of AST SpaceMobile by 150.1% in the fourth quarter. Van ECK Associates Corp now owns 258,747 shares of the company's stock valued at $5,460,000 after acquiring an additional 155,310 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in AST SpaceMobile by 57.6% in the fourth quarter. Bank of New York Mellon Corp now owns 641,678 shares of the company's stock valued at $13,539,000 after purchasing an additional 234,517 shares during the period. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.