AST SpaceMobile (NASDAQ:ASTS) Trading Down 2.9% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price traded down 2.9% on Wednesday . The stock traded as low as $23.55 and last traded at $23.66. 1,739,222 shares were traded during trading, a decline of 83% from the average session volume of 10,523,051 shares. The stock had previously closed at $24.36.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Scotiabank dropped their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research note on Friday, November 15th. B. Riley boosted their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, UBS Group boosted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th.

AST SpaceMobile Stock Down 3.1 %

The company has a market cap of $6.84 billion, a price-to-earnings ratio of -11.16 and a beta of 1.60. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average of $24.72 and a two-hundred day moving average of $21.01.

Insider Buying and Selling

In other AST SpaceMobile news, President Scott Wisniewski sold 2,700 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the sale, the president now directly owns 712,660 shares in the company, valued at approximately $16,476,699.20. The trade was a 0.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Huiwen Yao sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total value of $1,091,700.00. Following the sale, the chief technology officer now owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. This trade represents a 45.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,700 shares of company stock valued at $3,220,524. 41.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently bought and sold shares of the company. Fairfield Financial Advisors LTD purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Hollencrest Capital Management purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Rakuten Securities Inc. purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $68,000. Sunbelt Securities Inc. grew its position in shares of AST SpaceMobile by 3,380.0% in the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock valued at $91,000 after purchasing an additional 3,380 shares in the last quarter. Finally, KBC Group NV purchased a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $104,000. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.