AST SpaceMobile (NASDAQ:ASTS) Shares Down 12.2%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price fell 12.2% during trading on Thursday . The company traded as low as $26.40 and last traded at $29.03. 24,573,131 shares changed hands during mid-day trading, an increase of 145% from the average session volume of 10,050,026 shares. The stock had previously closed at $33.08.

Wall Street Analyst Weigh In

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

AST SpaceMobile Stock Performance

The company has a market cap of $7.33 billion, a P/E ratio of -29.62 and a beta of 1.61. The business’s 50 day simple moving average is $20.44 and its 200 day simple moving average is $10.04. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.83.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of AST SpaceMobile by 49.9% during the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock worth $19,325,000 after purchasing an additional 2,217,531 shares in the last quarter. American International Group Inc. grew its holdings in AST SpaceMobile by 41.5% during the 1st quarter. American International Group Inc. now owns 56,527 shares of the company’s stock valued at $164,000 after buying an additional 16,568 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of AST SpaceMobile during the fourth quarter valued at approximately $259,000. PNC Financial Services Group Inc. grew its position in shares of AST SpaceMobile by 319.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock valued at $985,000 after purchasing an additional 124,322 shares in the last quarter. Finally, NewGen Asset Management Ltd bought a new stake in shares of AST SpaceMobile in the second quarter worth about $2,902,000. Hedge funds and other 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.