AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 3.3% – Time to Sell?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 3.3% on Wednesday . The stock traded as low as $20.87 and last traded at $21.10. Approximately 5,182,809 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 10,306,844 shares. The stock had previously closed at $21.81.

Analyst Upgrades and Downgrades

Several research firms recently commented on ASTS. UBS Group lifted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Scotiabank reduced their price target on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research note on Friday, November 15th.

AST SpaceMobile Stock Up 2.6 %

The company has a market cap of $6.27 billion, a P/E ratio of -10.21 and a beta of 1.60. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $23.90 and a 200 day moving average of $22.55.

Insider Activity

In other news, CTO Huiwen Yao sold 45,000 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the completion of the sale, the chief technology officer now owns 55,000 shares of the company’s stock, valued at $1,334,300. The trade was a 45.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after buying an additional 281,749 shares in the last quarter. State Street Corp increased its holdings in AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after acquiring an additional 399,713 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after purchasing an additional 787,566 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of AST SpaceMobile by 6.0% in the third quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock worth $22,125,000 after buying an additional 47,600 shares in the last quarter. Finally, Privium Fund Management B.V. bought a new position in shares of AST SpaceMobile during the 3rd quarter valued at about $21,476,000. 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.