AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report) shares traded down 4.1% during mid-day trading on Tuesday . The stock traded as low as $29.28 and last traded at $29.86. 6,075,975 shares were traded during mid-day trading, a decline of 46% from the average session volume of 11,263,486 shares. The stock had previously closed at $31.14.
Analysts Set New Price Targets
A number of brokerages recently commented on ASTS. Cantor Fitzgerald initiated coverage on shares of AST SpaceMobile in a research note on Thursday, February 6th. They set an “overweight” rating and a $30.00 price target on the stock. UBS Group increased their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Scotiabank reduced their price target on 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, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $40.04.
Read Our Latest Research Report on AST SpaceMobile
AST SpaceMobile Stock Down 6.7 %
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the company. Fairfield Financial Advisors LTD purchased a new position in AST SpaceMobile during the third quarter worth about $26,000. Hollencrest Capital Management bought a new stake in shares of AST SpaceMobile during the 3rd quarter valued at about $26,000. Golden State Wealth Management LLC purchased a new position in shares of AST SpaceMobile during the fourth quarter worth about $46,000. AlphaQuest LLC bought a new position in shares of AST SpaceMobile in the fourth quarter worth approximately $67,000. Finally, Rakuten Securities Inc. purchased a new stake in AST SpaceMobile in the third quarter valued at approximately $68,000. 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.
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