AST SpaceMobile (NASDAQ:ASTS) Trading Down 8.2% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was down 8.2% on Monday . The company traded as low as $20.81 and last traded at $21.03. Approximately 4,368,125 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 10,307,189 shares. The stock had previously closed at $22.92.

Wall Street Analysts Forecast Growth

ASTS has been the subject of several analyst reports. UBS Group upped their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Scotiabank lowered their target price on shares of 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. Finally, Deutsche Bank Aktiengesellschaft boosted their target price 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.

AST SpaceMobile Price Performance

The firm has a market cap of $6.37 billion, a P/E ratio of -10.37 and a beta of 1.60. The stock’s 50-day moving average is $24.32 and its 200-day moving average is $22.41. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Transactions at AST SpaceMobile

In other news, 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 transaction of $1,091,700.00. Following the sale, the chief technology officer now directly owns 55,000 shares in the company, valued at approximately $1,334,300. The trade was a 45.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors have recently bought and sold shares of ASTS. Fairfield Financial Advisors LTD bought a new position in shares of AST SpaceMobile during the 3rd quarter worth about $26,000. Hollencrest Capital Management bought a new position in AST SpaceMobile during the third quarter worth about $26,000. Rakuten Securities Inc. acquired a new stake in AST SpaceMobile during the third quarter valued at approximately $68,000. Sunbelt Securities Inc. grew its stake in shares of AST SpaceMobile by 3,380.0% in the 3rd 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 during the period. Finally, KBC Group NV acquired a new position in shares of AST SpaceMobile in the 3rd quarter worth approximately $104,000. Institutional investors and hedge funds 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.