AST SpaceMobile (NASDAQ:ASTS) Shares Down 4.7% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was down 4.7% on Friday . The company traded as low as $23.18 and last traded at $23.52. Approximately 2,534,524 shares changed hands during trading, a decline of 75% from the average daily volume of 10,316,661 shares. The stock had previously closed at $24.68.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ASTS. Deutsche Bank Aktiengesellschaft lifted 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, September 4th. B. Riley boosted their target price on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Scotiabank cut their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday, November 15th. Finally, UBS Group upped their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, November 15th.

AST SpaceMobile Trading Down 6.6 %

The stock’s fifty day moving average is $24.43 and its 200 day moving average is $22.13. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The stock has a market cap of $6.68 billion, a P/E ratio of -10.87 and a beta of 1.60.

Insider Activity

In other news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction on Monday, September 30th. The stock was sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the sale, the president now directly owns 712,660 shares in the company, valued at approximately $16,476,699.20. This trade represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Shanti B. Gupta sold 80,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the completion of the transaction, the chief operating officer now owns 393,232 shares in the company, valued at approximately $10,157,182.56. The trade was a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,700 shares of company stock valued at $3,220,524. 41.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASTS. Fairfield Financial Advisors LTD purchased a new position in shares of AST SpaceMobile during the third quarter worth approximately $26,000. Hollencrest Capital Management bought a new position in AST SpaceMobile in the third quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new position in AST SpaceMobile during the 3rd quarter worth $68,000. Sunbelt Securities Inc. raised its position in AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock valued at $91,000 after purchasing an additional 3,380 shares in the last quarter. Finally, KBC Group NV purchased a new stake in shares of AST SpaceMobile in the 3rd quarter worth $104,000. 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.