AST SpaceMobile (NASDAQ:ASTS) Shares Down 5.5% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s stock price fell 5.5% on Monday . The company traded as low as $24.60 and last traded at $24.96. 4,714,432 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 12,639,266 shares. The stock had previously closed at $26.42.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Scotiabank reissued an "outperform" rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Roth Capital assumed coverage on shares of AST SpaceMobile in a report on Thursday, April 10th. They set a "buy" rating and a $42.00 target price for the company. UBS Group upped their price target on AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, March 5th. Oppenheimer initiated coverage on AST SpaceMobile in a research note on Monday, May 5th. They set a "market perform" rating for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 target price on shares of AST SpaceMobile in a research note on Tuesday, March 4th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $42.82.

AST SpaceMobile Trading Up 2.0 %

The stock has a fifty day simple moving average of $24.88 and a 200 day simple moving average of $24.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a market cap of $8.15 billion, a P/E ratio of -12.15 and a beta of 2.05.

Insider Buying and Selling

In related news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were 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 represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 34.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of AST SpaceMobile by 49.4% in the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock worth $316,233,000 after acquiring an additional 4,955,941 shares during the period. Alphabet Inc. bought a new stake in shares of AST SpaceMobile during the 1st quarter valued at about $203,375,000. Geode Capital Management LLC increased its position in shares of AST SpaceMobile by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company's stock valued at $73,801,000 after purchasing an additional 229,759 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in shares of AST SpaceMobile in the 4th quarter worth approximately $59,523,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings 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 buying an additional 135,008 shares during 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.