AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 4.2% Following Insider Selling

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were down 4.2% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $27.31 and last traded at $27.46. Approximately 5,102,060 shares traded hands during trading, a decline of 57% from the average daily volume of 11,833,007 shares. The stock had previously closed at $28.66.

Specifically, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the sale, the director now owns 52,628 shares of the company’s stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday, March 4th. UBS Group boosted their target price on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, March 5th. Finally, Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, AST SpaceMobile currently has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Stock Down 3.8 %

The company has a market cap of $8.72 billion, a PE ratio of -13.00 and a beta of 1.62. The business has a 50-day simple moving average of $25.35 and a 200-day simple moving average of $25.35. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Hedge Funds Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank increased its holdings in shares of AST SpaceMobile by 17.4% in the third quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after purchasing an additional 679 shares during the last quarter. Axxcess Wealth Management LLC acquired a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $237,000. State of New Jersey Common Pension Fund D acquired a new stake in AST SpaceMobile during the third quarter worth $1,536,000. Rakuten Securities Inc. acquired a new stake in AST SpaceMobile during the third quarter worth $68,000. Finally, First Heartland Consultants Inc. acquired a new stake in AST SpaceMobile during the third quarter worth $266,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

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.