AST SpaceMobile (NASDAQ:ASTS) Shares Down 7.7% – What’s Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price dropped 7.7% on Friday . The stock traded as low as $77.17 and last traded at $79.19. Approximately 23,942,334 shares changed hands during mid-day trading, an increase of 51% from the average daily volume of 15,817,029 shares. The stock had previously closed at $85.76.

Analyst Upgrades and Downgrades

ASTS has been the topic of a number of research analyst reports. Zacks Research lowered shares of AST SpaceMobile from a “hold” rating to a “strong sell” rating in a report on Friday, January 9th. Scotiabank cut shares of AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $45.60 target price on the stock. in a research note on Wednesday, January 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of AST SpaceMobile in a report on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of AST SpaceMobile in a report on Monday, December 29th. Finally, B. Riley Financial reduced their price objective on AST SpaceMobile from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, AST SpaceMobile has an average rating of “Reduce” and a consensus target price of $52.94.

AST SpaceMobile Stock Performance

The firm has a market capitalization of $29.06 billion, a P/E ratio of -63.86 and a beta of 2.70. The company has a 50-day moving average of $93.69 and a 200-day moving average of $72.54. The company has a current ratio of 9.56, a quick ratio of 9.48 and a debt-to-equity ratio of 0.43.

Insider Buying and Selling

In related news, CTO Huiwen Yao sold 40,000 shares of AST SpaceMobile stock in a transaction on Friday, December 5th. The shares were sold at an average price of $73.52, for a total transaction of $2,940,800.00. Following the completion of the transaction, the chief technology officer owned 4,750 shares of the company’s stock, valued at $349,220. This trade represents a 89.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Shanti B. Gupta sold 10,000 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $77.34, for a total transaction of $773,400.00. Following the completion of the transaction, the chief operating officer owned 382,375 shares in the company, valued at approximately $29,572,882.50. The trade was a 2.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders acquired 2,015 shares of company stock valued at $149,144 and sold 2,344,621 shares valued at $163,788,075. Insiders own 30.90% of the company’s stock.

Institutional Trading of AST SpaceMobile

A number of large investors have recently bought and sold shares of the business. REAP Financial Group LLC bought a new stake in AST SpaceMobile in the third quarter worth approximately $25,000. Crewe Advisors LLC bought a new stake in shares of AST SpaceMobile in the 4th quarter valued at $25,000. Laurel Wealth Advisors LLC bought a new stake in shares of AST SpaceMobile in the 4th quarter valued at $25,000. Atlantic Union Bankshares Corp acquired a new position in shares of AST SpaceMobile during the 2nd quarter valued at $28,000. Finally, Byrne Asset Management LLC bought a new position in AST SpaceMobile during the fourth quarter worth $29,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

About AST SpaceMobile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.