AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 4.7% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares dropped 4.7% during trading on Friday . The company traded as low as $23.18 and last traded at $23.52. Approximately 2,534,524 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 10,316,661 shares. The stock had previously closed at $24.68.

Analyst Ratings Changes

A number of research firms have recently commented on ASTS. UBS Group increased their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft increased their price target on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Scotiabank lowered their price objective 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. Finally, B. Riley lifted their target price on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 29th.

AST SpaceMobile Trading Down 6.6 %

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 stock has a market capitalization of $6.68 billion, a PE ratio of -10.87 and a beta of 1.60. The stock has a 50 day moving average price of $24.43 and a 200-day moving average price of $22.13.

Insider Buying and Selling

In related news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Shanti B. Gupta sold 80,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the completion of the sale, the chief operating officer now owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. The trade was a 16.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 127,700 shares of company stock valued at $3,220,524. 41.80% of the stock is owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

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

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.