AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 2.4% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded down 2.4% during trading on Tuesday . The stock traded as low as $24.11 and last traded at $25.18. 2,689,437 shares changed hands during trading, a decline of 75% from the average session volume of 10,662,341 shares. The stock had previously closed at $25.80.

Analysts Set New Price Targets

Several research firms have issued reports on ASTS. Deutsche Bank Aktiengesellschaft raised 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, September 4th. Scotiabank decreased their target price on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research report on Friday, November 15th. UBS Group raised their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, B. Riley boosted their price objective on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th.

AST SpaceMobile Price Performance

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 company’s 50-day moving average is $25.54 and its 200-day moving average is $18.89.

Insider Buying and Selling

In related news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the transaction, the president now directly owns 712,660 shares of the company’s stock, valued at $16,476,699.20. This trade represents a 0.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Adriana Cisneros acquired 4,934 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were purchased at an average cost of $26.32 per share, with a total value of $129,862.88. Following the acquisition, the director now owns 774,772 shares of the company’s stock, valued at approximately $20,391,999.04. This represents a 0.64 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 127,700 shares of company stock worth $3,220,524 in the last 90 days. 41.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock valued at $19,325,000 after buying an additional 2,217,531 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of AST SpaceMobile during the second quarter worth approximately $278,000. Van ECK Associates Corp grew its stake in shares of AST SpaceMobile by 141.1% during the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock valued at $2,716,000 after purchasing an additional 60,530 shares during the last quarter. Americana Partners LLC acquired a new position in AST SpaceMobile during the 3rd quarter worth $673,000. Finally, Oppenheimer & Co. Inc. increased its stake in shares of AST SpaceMobile by 6.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock valued at $22,125,000 after buying an additional 47,600 shares during the period. 60.95% of the stock is owned by institutional investors and hedge funds.

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.