AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 14.9%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price dropped 14.9% during mid-day trading on Tuesday . The company traded as low as $31.91 and last traded at $32.85. Approximately 18,157,309 shares changed hands during mid-day trading, an increase of 99% from the average daily volume of 9,127,169 shares. The stock had previously closed at $38.60.

Wall Street Analyst Weigh In

ASTS has been the topic of a number of recent research reports. B. Riley lifted their target price on AST SpaceMobile from $15.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Scotiabank lifted their target price on AST SpaceMobile from $21.10 to $28.00 and gave the company a “sector outperform” rating in a research report on Friday. Finally, UBS Group lifted their target price on AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 15th.

AST SpaceMobile Price Performance

The stock has a market cap of $8.84 billion, a price-to-earnings ratio of -33.52 and a beta of 1.61. The company has a 50-day simple moving average of $15.40 and a two-hundred day simple moving average of $7.68. The company has a debt-to-equity ratio of 0.56, a quick ratio of 7.51 and a current ratio of 7.51.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. BNP Paribas acquired a new position in shares of AST SpaceMobile during the 1st quarter worth approximately $43,000. Principal Financial Group Inc. acquired a new position in shares of AST SpaceMobile during the 1st quarter worth approximately $45,000. Summit Trail Advisors LLC acquired a new position in shares of AST SpaceMobile during the 1st quarter worth approximately $47,000. Victory Capital Management Inc. acquired a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $65,000. Finally, Cantor Fitzgerald L. P. acquired a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $66,000. Institutional investors and hedge funds 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.