AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.7% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded down 3.7% on Tuesday . The company traded as low as $22.81 and last traded at $23.24. 2,206,176 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 5,513,919 shares. The stock had previously closed at $24.14.

Wall Street Analyst Weigh In

ASTS has been the topic of a number of research reports. Scotiabank reduced 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 increased their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

AST SpaceMobile Trading Down 2.1 %

The company’s fifty day moving average is $23.68 and its two-hundred day moving average is $22.97. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of -10.62 and a beta of 1.64.

Institutional Trading of AST SpaceMobile

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in shares of AST SpaceMobile by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after acquiring an additional 281,749 shares in the last quarter. State Street Corp raised its holdings in AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after purchasing an additional 399,713 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of AST SpaceMobile by 228.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after buying an additional 787,566 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in AST SpaceMobile by 6.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock worth $22,125,000 after acquiring an additional 47,600 shares in the last quarter. Finally, Privium Fund Management B.V. purchased a new stake in AST SpaceMobile in the third quarter valued at $21,476,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.