AST SpaceMobile (NASDAQ:ASTS) Trading Down 7.2% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price traded down 7.2% during mid-day trading on Monday . The stock traded as low as $29.91 and last traded at $31.00. 5,779,895 shares were traded during mid-day trading, a decline of 51% from the average session volume of 11,787,901 shares. The stock had previously closed at $33.40.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Trading Down 12.8 %

The stock has a market cap of $8.44 billion, a price-to-earnings ratio of -13.75 and a beta of 1.62. The business has a 50-day simple moving average of $24.93 and a two-hundred day simple moving average of $25.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ASTS. Hollencrest Capital Management bought a new stake in AST SpaceMobile during the 3rd quarter worth about $26,000. Summit Securities Group LLC bought a new stake in AST SpaceMobile during the fourth quarter worth about $37,000. Bernard Wealth Management Corp. acquired a new position in AST SpaceMobile during the fourth quarter valued at approximately $42,000. Golden State Wealth Management LLC bought a new position in AST SpaceMobile in the fourth quarter valued at approximately $46,000. Finally, CIBC Private Wealth Group LLC grew its stake in AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after purchasing an additional 1,222 shares in the last quarter. Institutional investors own 60.95% of the company’s stock.

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.