AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.9% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares dropped 4.9% on Friday . The stock traded as low as $29.64 and last traded at $30.10. Approximately 3,592,535 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 11,448,361 shares. The stock had previously closed at $31.63.

Wall Street Analysts Forecast Growth

ASTS has been the subject of several research reports. UBS Group upped their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research 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 target price for the company. Finally, Scotiabank decreased 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 report on Friday, January 24th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $40.04.

AST SpaceMobile Price Performance

The stock’s 50-day moving average is $23.87 and its 200 day moving average is $25.28. 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 $8.30 billion, a PE ratio of -13.51 and a beta of 1.62.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. First Heartland Consultants Inc. increased its stake in AST SpaceMobile by 42.3% during the 4th quarter. First Heartland Consultants Inc. now owns 14,499 shares of the company’s stock valued at $306,000 after purchasing an additional 4,311 shares in the last quarter. PharVision Advisers LLC acquired a new position in AST SpaceMobile during the 4th quarter valued at approximately $541,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in AST SpaceMobile by 49.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,810 shares of the company’s stock valued at $5,820,000 after purchasing an additional 91,536 shares in the last quarter. Twinbeech Capital LP acquired a new position in AST SpaceMobile during the 4th quarter valued at approximately $4,684,000. Finally, Two Sigma Investments LP increased its stake in AST SpaceMobile by 117.5% during the 4th quarter. Two Sigma Investments LP now owns 51,874 shares of the company’s stock valued at $1,095,000 after purchasing an additional 28,025 shares in 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.