AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 7.2% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 7.2% during trading on Monday . The company traded as low as $29.91 and last traded at $31.00. 5,779,895 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 11,787,901 shares. The stock had previously closed at $33.40.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Price Performance

The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of -13.75 and a beta of 1.62. The company’s 50-day simple moving average is $24.93 and its 200-day simple moving average is $25.40. 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 Trading of AST SpaceMobile

Several institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in shares of AST SpaceMobile during the third quarter worth $26,000. Summit Securities Group LLC bought a new position in AST SpaceMobile during the fourth quarter worth about $37,000. Bernard Wealth Management Corp. bought a new stake in AST SpaceMobile in the 4th quarter valued at about $42,000. Golden State Wealth Management LLC acquired a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $46,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares during the period. 60.95% of the stock is currently owned by institutional investors.

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.