AST SpaceMobile (NASDAQ:ASTS) Trading Down 2.5%

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were down 2.5% on Tuesday . The stock traded as low as $28.04 and last traded at $28.32. Approximately 3,425,146 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 9,734,790 shares. The stock had previously closed at $29.04.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group increased their price objective on AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft raised their price target on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. B. Riley boosted their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Scotiabank lifted their target price on shares of AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a research report on Monday, August 26th.

AST SpaceMobile Price Performance

The firm has a 50-day simple moving average of $20.44 and a 200-day simple moving average of $10.04. The firm has a market capitalization of $7.33 billion, a PE ratio of -29.62 and a beta of 1.61. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38.

Institutional Trading of AST SpaceMobile

Several large investors have recently added to or reduced their stakes in ASTS. BNP Paribas bought a new position in AST SpaceMobile in the first quarter worth approximately $43,000. Principal Financial Group Inc. purchased a new position in AST SpaceMobile during the first quarter valued at $45,000. Victory Capital Management Inc. purchased a new position in AST SpaceMobile during the fourth quarter valued at $65,000. Cantor Fitzgerald L. P. bought a new stake in AST SpaceMobile during the fourth quarter valued at about $66,000. Finally, Rathbones Group PLC purchased a new stake in AST SpaceMobile in the fourth quarter worth about $76,000. 60.95% of the stock is currently owned by institutional investors.

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.