AST SpaceMobile (NASDAQ:ASTS) Shares Down 0.7% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) was down 0.7% on Tuesday . The stock traded as low as $21.42 and last traded at $21.66. Approximately 1,283,670 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 10,290,994 shares. The stock had previously closed at $21.81.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ASTS. Scotiabank lowered their price target on 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. UBS Group boosted their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective 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 Stock Performance

The company has a 50-day moving average price of $23.97 and a two-hundred day moving average price of $22.56. The company has a market capitalization of $6.11 billion, a PE ratio of -9.95 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.

Insider Activity

In related news, CTO Huiwen Yao sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total value of $1,091,700.00. Following the sale, the chief technology officer now directly owns 55,000 shares of the company’s stock, valued at $1,334,300. This trade represents a 45.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

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