AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.8% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) was down 7.8% during mid-day trading on Tuesday . The company traded as low as $25.83 and last traded at $26.35. 5,593,033 shares changed hands during trading, a decline of 52% from the average daily volume of 11,541,795 shares. The stock had previously closed at $28.57.

Analyst Ratings Changes

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

AST SpaceMobile Stock Performance

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’s fifty day simple moving average is $23.96 and its 200 day simple moving average is $25.36. The company has a market cap of $7.65 billion, a price-to-earnings ratio of -12.46 and a beta of 1.62.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently made changes to their positions in ASTS. JPMorgan Chase & Co. increased its stake in shares of AST SpaceMobile by 235.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock worth $6,479,000 after acquiring an additional 174,007 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of AST SpaceMobile by 141.1% in the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock valued at $2,716,000 after purchasing an additional 60,530 shares during the period. Algert Global LLC acquired a new stake in AST SpaceMobile during the third quarter worth about $768,000. Americana Partners LLC purchased a new position in AST SpaceMobile during the third quarter worth about $673,000. Finally, Oppenheimer & Co. Inc. boosted its holdings in AST SpaceMobile by 6.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock valued at $22,125,000 after purchasing an additional 47,600 shares during the last quarter. Institutional investors and hedge funds 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.