AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 4.4% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was down 4.4% during mid-day trading on Tuesday . The company traded as low as $26.37 and last traded at $26.79. Approximately 2,709,671 shares traded hands during trading, a decline of 77% from the average daily volume of 11,872,513 shares. The stock had previously closed at $28.02.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. UBS Group increased their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research note 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 research report on Tuesday, March 4th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, AST SpaceMobile currently has a consensus rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Stock Performance

The stock has a fifty day moving average of $25.73 and a 200-day moving average of $25.24. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a market cap of $8.12 billion, a PE ratio of -12.10 and a beta of 1.62.

Insider Activity

In related news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

Several hedge funds have recently made changes to their positions in ASTS. Victory Capital Management Inc. raised its holdings in AST SpaceMobile by 97.4% during the third quarter. Victory Capital Management Inc. now owns 30,680 shares of the company’s stock worth $802,000 after purchasing an additional 15,138 shares in the last quarter. KBC Group NV purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $104,000. Swiss National Bank acquired a new position in shares of AST SpaceMobile during the 3rd quarter worth $6,911,000. SouthState Corp purchased a new position in AST SpaceMobile in the third quarter valued at about $799,000. Finally, Intech Investment Management LLC purchased a new position in AST SpaceMobile in the 3rd quarter valued at approximately $957,000. 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.