AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.2% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) was down 7.2% during mid-day trading on Friday . The company traded as low as $23.80 and last traded at $23.93. Approximately 3,611,008 shares changed hands during trading, a decline of 70% from the average daily volume of 12,013,077 shares. The stock had previously closed at $25.80.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ASTS. UBS Group lifted their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, AST SpaceMobile has an average rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Trading Down 7.2 %

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 business’s 50-day moving average is $26.38 and its 200 day moving average is $25.17. The firm has a market capitalization of $7.58 billion, a P/E ratio of -11.28 and a beta of 1.62.

Insider Buying and Selling

In related news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the sale, the director now owns 52,628 shares in the company, valued at $1,617,258.44. The trade was a 27.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 41.80% of the stock is currently owned by company insiders.

Institutional Trading of AST SpaceMobile

A number of hedge funds have recently made changes to their positions in ASTS. Summit Securities Group LLC bought a new position in AST SpaceMobile during the 4th quarter worth approximately $37,000. Bernard Wealth Management Corp. bought a new position in AST SpaceMobile in the 4th quarter valued at $42,000. Golden State Wealth Management LLC bought a new stake in shares of AST SpaceMobile in the 4th quarter worth approximately $46,000. CIBC Private Wealth Group LLC raised its holdings in AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after acquiring an additional 1,222 shares during the period. Finally, AlphaQuest LLC bought a new position in AST SpaceMobile in the 4th quarter valued at $67,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.