AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 4.2% on Insider Selling

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded down 4.2% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $27.31 and last traded at $27.46. 5,102,060 shares were traded during mid-day trading, a decline of 57% from the average session volume of 11,833,007 shares. The stock had previously closed at $28.66.

Specifically, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the sale, the director now directly owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Stock Down 4.3 %

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 firm’s 50 day moving average price is $25.23 and its two-hundred day moving average price is $25.34. The company has a market cap of $8.68 billion, a P/E ratio of -12.95 and a beta of 1.62.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently bought and sold shares of ASTS. Summit Securities Group LLC bought a new position in shares of AST SpaceMobile during the 4th quarter worth about $37,000. Bernard Wealth Management Corp. bought a new position in AST SpaceMobile in the fourth quarter worth approximately $42,000. Golden State Wealth Management LLC bought a new stake in shares of AST SpaceMobile during the fourth quarter valued at approximately $46,000. CIBC Private Wealth Group LLC raised its position 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. Finally, AlphaQuest LLC bought a new position in shares of AST SpaceMobile in the 4th quarter worth $67,000. 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.