AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $22.49, but opened at $19.15. AST SpaceMobile shares last traded at $19.40, with a volume of 11,029,376 shares traded.

Analysts Set New Price Targets

Several analysts have recently issued reports on ASTS shares. Scotiabank reduced their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research note on Friday, November 15th. 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 note on Friday, November 15th.

AST SpaceMobile Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -9.11 and a beta of 1.64. The company has a 50-day moving average of $23.23 and a 200-day moving average of $23.70.

Institutional Trading of AST SpaceMobile

Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its stake in shares of AST SpaceMobile by 5.5% during the second quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock valued at $180,000 after acquiring an additional 814 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of AST SpaceMobile during the second quarter worth about $4,757,000. Sei Investments Co. bought a new position in shares of AST SpaceMobile during the second quarter worth about $728,000. Marshall Wace LLP lifted its position in shares of AST SpaceMobile by 150.4% during the second quarter. Marshall Wace LLP now owns 126,685 shares of the company’s stock worth $1,471,000 after purchasing an additional 76,088 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in AST SpaceMobile by 31.9% in the second quarter. The Manufacturers Life Insurance Company now owns 51,209 shares of the company’s stock worth $595,000 after acquiring an additional 12,391 shares during the last quarter. 60.95% of the stock is currently 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.