AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 2.9% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were down 2.9% on Wednesday . The stock traded as low as $23.55 and last traded at $23.66. Approximately 1,739,222 shares were traded during trading, a decline of 83% from the average daily volume of 10,523,051 shares. The stock had previously closed at $24.36.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. UBS Group raised their target price on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th. Scotiabank reduced their price objective 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. Deutsche Bank Aktiengesellschaft lifted their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, B. Riley raised their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th.

AST SpaceMobile Trading Up 0.6 %

The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $6.80 billion, a P/E ratio of -10.97 and a beta of 1.60. The business’s fifty day simple moving average is $24.72 and its two-hundred day simple moving average is $21.04.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, President Scott Wisniewski sold 2,700 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $23.12, for a total value of $62,424.00. Following the sale, the president now directly owns 712,660 shares in the company, valued at $16,476,699.20. This represents a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Huiwen Yao sold 45,000 shares of the company’s stock in a transaction dated 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 completion of 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,700 shares of company stock worth $3,220,524. Company insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. bought a new position in shares of AST SpaceMobile in the second quarter valued at approximately $278,000. Van ECK Associates Corp boosted its stake in AST SpaceMobile by 141.1% in the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock worth $2,716,000 after purchasing an additional 60,530 shares in the last quarter. Algert Global LLC bought a new stake in shares of AST SpaceMobile during the third quarter worth $768,000. Americana Partners LLC acquired a new stake in shares of AST SpaceMobile in the third quarter valued at $673,000. Finally, Oppenheimer & Co. Inc. raised 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 valued at $22,125,000 after buying an additional 47,600 shares during the last quarter. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.