AST SpaceMobile (NASDAQ:ASTS) Shares Down 0.4% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were down 0.4% on Thursday . The company traded as low as $23.06 and last traded at $23.29. Approximately 6,944,095 shares traded hands during trading, a decline of 35% from the average daily volume of 10,634,587 shares. The stock had previously closed at $23.39.

Analyst Upgrades and Downgrades

ASTS has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. B. Riley raised their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Scotiabank cut their target price 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. Finally, UBS Group raised their price target on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th.

AST SpaceMobile Stock Up 2.2 %

The company’s 50 day moving average is $24.96 and its 200 day moving average is $19.66. The company has a market cap of $6.90 billion, a PE ratio of -11.23 and a beta of 1.64. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insiders Place Their Bets

In other news, Director Adriana Cisneros purchased 4,934 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $26.32 per share, with a total value of $129,862.88. Following the transaction, the director now owns 774,772 shares of the company’s stock, valued at $20,391,999.04. This represents a 0.64 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Scott Wisniewski sold 2,700 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the transaction, the president now owns 712,660 shares in the company, valued at approximately $16,476,699.20. This represents a 0.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,700 shares of company stock worth $3,220,524 in the last three months. Corporate insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fairfield Financial Advisors LTD bought a new stake in shares of AST SpaceMobile in the 3rd quarter valued at about $26,000. Hollencrest Capital Management purchased a new position in AST SpaceMobile during the third quarter valued at approximately $26,000. Rakuten Securities Inc. bought a new position in AST SpaceMobile in the third quarter worth approximately $68,000. Sunbelt Securities Inc. lifted its holdings in 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 buying an additional 3,380 shares during the period. Finally, KBC Group NV purchased a new stake in AST SpaceMobile during the third quarter worth $104,000. 60.95% of the stock is currently owned by 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.