AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 1.9% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded down 1.9% during mid-day trading on Friday . The stock traded as low as $29.55 and last traded at $31.58. 6,250,460 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 12,648,427 shares. The stock had previously closed at $32.18.

Analyst Ratings Changes

A number of equities research analysts have commented on ASTS shares. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday. Scotiabank lifted their price target on shares of AST SpaceMobile from $40.20 to $47.90 and gave the company a “sector outperform” rating in a research report on Wednesday. Finally, UBS Group upped their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AST SpaceMobile has a consensus rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Trading Up 3.6 %

The stock’s 50 day simple moving average is $24.72 and its two-hundred day simple moving average is $25.58. 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 stock has a market capitalization of $9.66 billion, a PE ratio of -15.61 and a beta of 1.62.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management bought a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Summit Securities Group LLC bought a new stake in shares of AST SpaceMobile in the 4th quarter worth approximately $37,000. Bernard Wealth Management Corp. purchased a new position in AST SpaceMobile in the 4th quarter worth $42,000. Golden State Wealth Management LLC purchased a new position in shares of AST SpaceMobile in the fourth quarter worth about $46,000. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares during the last quarter. 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.