AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.3% – Here’s Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 3.3% on Wednesday . The company traded as low as $20.87 and last traded at $21.10. 5,182,809 shares were traded during mid-day trading, a decline of 50% from the average session volume of 10,306,844 shares. The stock had previously closed at $21.81.

Analyst Ratings Changes

Several research firms have commented on ASTS. UBS Group increased their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Scotiabank reduced their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research note on Friday, November 15th.

AST SpaceMobile Trading Up 2.6 %

The company’s 50 day moving average price is $23.90 and its two-hundred day moving average price is $22.55. The firm has a market cap of $6.27 billion, a PE ratio of -10.21 and a beta of 1.60. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Buying and Selling

In related news, CTO Huiwen Yao sold 45,000 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the completion of the transaction, the chief technology officer now owns 55,000 shares in the company, valued at $1,334,300. The trade was a 45.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 41.80% of the stock is currently owned by corporate insiders.

Institutional Trading of AST SpaceMobile

Several institutional investors and hedge funds have recently made changes to their positions in 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 worth $6,479,000 after purchasing an additional 174,007 shares during the last quarter. Sunbelt Securities Inc. grew its stake in AST SpaceMobile by 3,380.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after acquiring an additional 3,380 shares in the last quarter. Geode Capital Management LLC grew its stake in AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after acquiring an additional 281,749 shares in the last quarter. K2 Principal Fund L.P. purchased a new position in shares of AST SpaceMobile during the third quarter worth approximately $232,000. Finally, Weiss Asset Management LP bought a new stake in shares of AST SpaceMobile during the third quarter valued at approximately $1,308,000. 60.95% of the stock is currently owned by 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.