AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 2.5%

AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 2.5% during trading on Tuesday . The company traded as low as $28.04 and last traded at $28.32. Approximately 3,425,146 shares changed hands during trading, a decline of 65% from the average daily volume of 9,734,790 shares. The stock had previously closed at $29.04.

Analyst Ratings Changes

ASTS has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price target on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. B. Riley upped their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. UBS Group raised their price target on AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Scotiabank boosted their price objective on AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a research report on Monday, August 26th.

AST SpaceMobile Price Performance

The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83. The firm’s fifty day moving average price is $20.44 and its 200 day moving average price is $10.04. The stock has a market cap of $7.33 billion, a PE ratio of -29.62 and a beta of 1.61.

Institutional Trading of AST SpaceMobile

Several hedge funds have recently bought and sold shares of ASTS. Van ECK Associates Corp purchased a new stake in shares of AST SpaceMobile in the fourth quarter worth about $246,000. Victory Capital Management Inc. purchased a new stake in shares of AST SpaceMobile during the 4th quarter worth approximately $65,000. PNC Financial Services Group Inc. boosted its position in shares of AST SpaceMobile by 319.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock valued at $985,000 after acquiring an additional 124,322 shares during the last quarter. IPG Investment Advisors LLC purchased a new position in shares of AST SpaceMobile in the fourth quarter valued at $96,000. Finally, Rathbones Group PLC purchased a new position in shares of AST SpaceMobile in the fourth quarter valued at $76,000. Hedge funds and other 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.