AST SpaceMobile (NASDAQ:ASTS) Trading Down 1.4% Following Insider Selling

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price dropped 1.4% during trading on Tuesday following insider selling activity. The company traded as low as $27.30 and last traded at $28.72. Approximately 5,101,094 shares changed hands during trading, a decline of 57% from the average daily volume of 11,798,512 shares. The stock had previously closed at $29.14.

Specifically, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. UBS Group increased their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $42.98.

AST SpaceMobile Trading Down 3.8 %

The stock has a market capitalization of $8.72 billion, a PE ratio of -13.00 and a beta of 1.62. 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 business’s 50-day moving average is $25.35 and its two-hundred day moving average is $25.35.

Institutional Investors Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of AST SpaceMobile by 49.4% during the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock valued at $316,233,000 after buying an additional 4,955,941 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of AST SpaceMobile during the fourth quarter valued at approximately $59,523,000. Charles Schwab Investment Management Inc. lifted its position in shares of AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after purchasing an additional 787,566 shares in the last quarter. State Street Corp boosted its stake in shares of AST SpaceMobile by 14.8% in the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after purchasing an additional 399,713 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of AST SpaceMobile by 9.4% in the third 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 during the period. 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.