AST SpaceMobile (NASDAQ:ASTS) Trading Down 1.9% – What’s Next?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 1.9% during mid-day trading on Wednesday . The stock traded as low as $27.46 and last traded at $27.85. 4,178,547 shares were traded during mid-day trading, a decline of 63% from the average session volume of 11,289,271 shares. The stock had previously closed at $28.40.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. UBS Group boosted their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Scotiabank decreased their price objective on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating on the stock in a report on Friday, January 24th. Finally, Cantor Fitzgerald began coverage on shares of AST SpaceMobile in a report on Thursday, February 6th. They issued an “overweight” rating and a $30.00 target price for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $40.04.

AST SpaceMobile Trading Down 1.4 %

The company has a 50-day moving average of $22.82 and a 200 day moving average of $24.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The company has a market cap of $8.11 billion, a PE ratio of -13.21 and a beta of 1.62.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company lifted its position in AST SpaceMobile by 31.9% in the second quarter. The Manufacturers Life Insurance Company now owns 51,209 shares of the company’s stock worth $595,000 after buying an additional 12,391 shares during the last quarter. Brookstone Capital Management bought a new stake in shares of AST SpaceMobile in the 3rd quarter worth about $255,000. Capital Investment Advisors LLC bought a new stake in shares of AST SpaceMobile in the 3rd quarter worth about $216,000. MBE Wealth Management LLC boosted its stake in shares of AST SpaceMobile by 37.5% during the 3rd quarter. MBE Wealth Management LLC now owns 37,116 shares of the company’s stock worth $971,000 after purchasing an additional 10,116 shares during the period. Finally, Calton & Associates Inc. grew its holdings in AST SpaceMobile by 14.5% during the 3rd quarter. Calton & Associates Inc. now owns 12,600 shares of the company’s stock valued at $329,000 after purchasing an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.

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.