AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.5% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price traded down 3.5% during trading on Wednesday . The stock traded as low as $21.73 and last traded at $22.20. 1,983,703 shares were traded during trading, a decline of 63% from the average session volume of 5,318,823 shares. The stock had previously closed at $23.00.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ASTS. UBS Group increased 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. Scotiabank lowered their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a report on Friday, November 15th.

AST SpaceMobile Trading Down 0.6 %

The firm has a market cap of $6.48 billion, a P/E ratio of -10.55 and a beta of 1.64. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The company’s fifty day moving average price is $23.63 and its two-hundred day moving average price is $23.05.

Institutional Trading of AST SpaceMobile

A number of hedge funds have recently modified their holdings of the company. Privium Fund Management B.V. bought a new stake in shares of AST SpaceMobile in the third quarter valued at about $21,476,000. Oppenheimer & Co. Inc. acquired a new stake in AST SpaceMobile in the 2nd quarter valued at approximately $9,270,000. Charles Schwab Investment Management Inc. lifted its stake in AST SpaceMobile by 228.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after acquiring an additional 787,566 shares in the last quarter. Renaissance Technologies LLC acquired a new position in AST SpaceMobile during the 2nd quarter worth approximately $4,757,000. Finally, State Street Corp grew its stake in shares of AST SpaceMobile by 14.8% during the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after acquiring an additional 399,713 shares in the last quarter. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.