AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.6% – What’s Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was down 3.6% during mid-day trading on Monday . The company traded as low as $22.22 and last traded at $23.19. Approximately 3,635,654 shares were traded during trading, a decline of 70% from the average daily volume of 12,060,575 shares. The stock had previously closed at $24.06.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ASTS. UBS Group lifted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Stock Performance

The company has a market capitalization of $6.92 billion, a P/E ratio of -10.31 and a beta of 1.62. The business has a 50 day moving average of $26.46 and a 200 day moving average of $25.04. 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 Activity

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its stake in AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after acquiring an additional 787,566 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of AST SpaceMobile by 60.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,400 shares of the company’s stock worth $2,155,000 after purchasing an additional 31,191 shares during the period. FMR LLC increased its position in shares of AST SpaceMobile by 230.5% during the 3rd quarter. FMR LLC now owns 39,638 shares of the company’s stock valued at $1,037,000 after purchasing an additional 27,644 shares during the last quarter. MetLife Investment Management LLC raised its holdings in AST SpaceMobile by 12.4% during the 3rd quarter. MetLife Investment Management LLC now owns 76,302 shares of the company’s stock valued at $1,995,000 after buying an additional 8,441 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in AST SpaceMobile in the third quarter worth $626,000. Institutional investors own 60.95% of the company’s stock.

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.