AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.7% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price was down 3.7% during mid-day trading on Tuesday . The stock traded as low as $22.81 and last traded at $23.24. Approximately 2,206,176 shares were traded during trading, a decline of 60% from the average daily volume of 5,513,919 shares. The stock had previously closed at $24.14.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. UBS Group raised their price target on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Scotiabank cut their target price on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research note on Friday, November 15th.

AST SpaceMobile Stock Down 3.9 %

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 capitalization of $6.72 billion, a PE ratio of -10.94 and a beta of 1.64. The company’s fifty day moving average price is $23.81 and its 200-day moving average price is $22.89.

Hedge Funds Weigh In On AST SpaceMobile

A number of hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in AST SpaceMobile by 235.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock worth $6,479,000 after purchasing an additional 174,007 shares during the period. Sunbelt Securities Inc. lifted its holdings in AST SpaceMobile by 3,380.0% in the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock valued at $91,000 after acquiring an additional 3,380 shares during the period. Geode Capital Management LLC boosted its position in AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after purchasing an additional 281,749 shares during the last quarter. K2 Principal Fund L.P. purchased a new stake in shares of AST SpaceMobile during the 3rd quarter valued at about $232,000. Finally, Weiss Asset Management LP bought a new position in shares of AST SpaceMobile in the 3rd quarter worth approximately $1,308,000. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.