AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.7% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 3.7% on Tuesday . The stock traded as low as $22.81 and last traded at $23.24. 2,206,176 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 5,513,919 shares. The stock had previously closed at $24.14.

Analysts Set New Price Targets

ASTS has been the subject of several recent analyst reports. UBS Group increased their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Scotiabank reduced their price objective on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research report on Friday, November 15th.

AST SpaceMobile Stock Down 3.9 %

The company has a market cap of $6.72 billion, a P/E ratio of -10.94 and a beta of 1.64. 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 stock has a fifty day moving average price of $23.81 and a two-hundred day moving average price of $22.89.

Hedge Funds Weigh In On AST SpaceMobile

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