AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $32.18, but opened at $31.40. AST SpaceMobile shares last traded at $31.51, with a volume of 2,479,921 shares.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ASTS shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday. UBS Group upped their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Scotiabank increased their price target on AST SpaceMobile from $40.20 to $47.90 and gave the company a “sector outperform” rating in a research report on Wednesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AST SpaceMobile presently has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Stock Down 5.8 %

The stock’s 50 day moving average is $24.72 and its 200 day moving average is $25.58. The company has a market capitalization of $8.79 billion, a PE ratio of -14.11 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Institutional Trading of AST SpaceMobile

A number of large investors have recently modified their holdings of the business. Hollencrest Capital Management purchased a new stake in AST SpaceMobile during the third quarter valued at about $26,000. Summit Securities Group LLC bought a new stake in AST SpaceMobile in the fourth quarter valued at approximately $37,000. Bernard Wealth Management Corp. purchased a new stake in shares of AST SpaceMobile during the fourth quarter valued at approximately $42,000. Golden State Wealth Management LLC bought a new position in shares of AST SpaceMobile in the fourth quarter worth approximately $46,000. Finally, CIBC Private Wealth Group LLC increased its stake in shares of AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after buying an additional 1,222 shares during the period. Institutional investors own 60.95% of the company’s stock.

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.