AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.2% After Insider Selling

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares dropped 4.2% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $27.31 and last traded at $27.46. Approximately 5,102,060 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 11,833,007 shares. The stock had previously closed at $28.66.

Specifically, Director Julio A. Torres sold 20,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the sale, the director now directly owns 52,628 shares of the company's stock, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Trading Up 7.8 %

The company has a 50 day simple moving average of $25.53 and a 200 day simple moving average of $25.28. 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 capitalization of $8.91 billion, a PE ratio of -13.28 and a beta of 1.62.

Institutional Trading of AST SpaceMobile

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in AST SpaceMobile by 49.4% during the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock valued at $316,233,000 after acquiring an additional 4,955,941 shares during the last quarter. Geode Capital Management LLC raised its stake in 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 acquiring an additional 229,759 shares during the last quarter. State Street Corp raised its stake in shares of AST SpaceMobile by 14.8% during the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company's stock worth $80,845,000 after buying an additional 399,713 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $59,523,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of AST SpaceMobile by 11.9% during the 4th 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 in 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.