AST SpaceMobile (NASDAQ:ASTS) Shares Down 5.5% - Should You Sell?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) traded down 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 trading, a decline of 63% from the average session volume of 12,639,266 shares. The stock had previously closed at $26.42.

Analyst Upgrades and Downgrades

ASTS has been the topic of several analyst reports. Roth Capital began coverage on AST SpaceMobile in a research report on Thursday, April 10th. They set a "buy" rating and a $42.00 price target on the stock. Scotiabank reiterated an "outperform" rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. UBS Group raised their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, March 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, Oppenheimer started coverage on AST SpaceMobile in a research note on Monday. They set a "market perform" rating for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $42.82.

AST SpaceMobile Stock Down 0.8 %

The stock's fifty day moving average price is $24.94 and its 200 day moving average price is $24.52. 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 stock has a market cap of $7.95 billion, a P/E ratio of -11.85 and a beta of 2.05.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction dated 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 sale, the director now owns 52,628 shares of the company's stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 41.80% of the stock is owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

A number of large investors have recently modified their holdings of ASTS. Sunbelt Securities Inc. grew its holdings in shares of AST SpaceMobile by 61.9% during the 1st quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock valued at $30,000 after purchasing an additional 505 shares during the last quarter. Xponance Inc. boosted its position in AST SpaceMobile by 5.9% during the first quarter. Xponance Inc. now owns 10,244 shares of the company's stock valued at $233,000 after buying an additional 568 shares during the period. Close Asset Management Ltd grew its stake in shares of AST SpaceMobile by 72.4% during the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock valued at $41,000 after buying an additional 760 shares during the last quarter. KBC Group NV increased its holdings in shares of AST SpaceMobile by 15.6% in the first quarter. KBC Group NV now owns 7,525 shares of the company's stock worth $171,000 after buying an additional 1,016 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of AST SpaceMobile by 106.3% in the 4th 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 last quarter. 60.95% of the stock is 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.