AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) gapped down prior to trading on Thursday . The stock had previously closed at $22.49, but opened at $19.15. AST SpaceMobile shares last traded at $19.40, with a volume of 11,029,376 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ASTS shares. Scotiabank cut their target price on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a report on Friday, November 15th. UBS Group raised their target price 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.

AST SpaceMobile Stock Down 14.0 %

The business’s 50 day moving average is $23.23 and its 200 day moving average is $23.70. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of -9.11 and a beta of 1.64.

Institutional Investors Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently modified their holdings of ASTS. Fairfield Financial Advisors LTD bought a new position in AST SpaceMobile in the 3rd quarter worth $26,000. Hollencrest Capital Management bought a new position in AST SpaceMobile in the 3rd quarter worth $26,000. Rakuten Securities Inc. bought a new position in AST SpaceMobile in the 3rd quarter worth $68,000. Sunbelt Securities Inc. increased its holdings in shares of AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after purchasing an additional 3,380 shares during the period. Finally, KBC Group NV bought a new position in shares of AST SpaceMobile during the 3rd quarter worth about $104,000. Institutional investors and hedge funds 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.