AST SpaceMobile (NASDAQ:ASTS) Trading Down 3.5% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price was down 3.5% on Wednesday . The stock traded as low as $21.73 and last traded at $22.20. Approximately 1,983,703 shares changed hands during trading, a decline of 63% from the average daily volume of 5,318,823 shares. The stock had previously closed at $23.00.

Analyst Ratings Changes

Several analysts have issued reports on the company. UBS Group upped their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Scotiabank dropped their price target 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.

AST SpaceMobile Price Performance

The business’s 50-day simple moving average is $23.63 and its two-hundred day simple moving average is $23.05. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of -10.55 and a beta of 1.64. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. acquired a new position in AST SpaceMobile during the second quarter worth $278,000. Van ECK Associates Corp increased its position in shares of AST SpaceMobile by 141.1% during the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock worth $2,716,000 after acquiring an additional 60,530 shares in the last quarter. Algert Global LLC bought a new position in AST SpaceMobile in the 3rd quarter valued at about $768,000. Americana Partners LLC acquired a new position in AST SpaceMobile during the 3rd quarter valued at about $673,000. Finally, Oppenheimer & Co. Inc. increased its holdings in AST SpaceMobile by 6.0% during 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 in the last quarter. 60.95% of the stock is 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.