AST SpaceMobile (NASDAQ:ASTS) Shares Down 12.2%

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) dropped 12.2% during mid-day trading on Thursday . The company traded as low as $26.40 and last traded at $29.03. Approximately 24,573,131 shares traded hands during mid-day trading, an increase of 145% from the average daily volume of 10,050,026 shares. The stock had previously closed at $33.08.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ASTS shares. Scotiabank boosted their price target on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a report on Monday, August 26th. UBS Group boosted their target price on AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft upped their target price on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, B. Riley lifted their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 29th.

AST SpaceMobile Price Performance

The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38. The stock has a market capitalization of $6.72 billion, a P/E ratio of -26.64 and a beta of 1.63. The stock’s fifty day moving average is $21.07 and its 200-day moving average is $10.33.

Institutional Trading of AST SpaceMobile

Several large investors have recently made changes to their positions in ASTS. BNP Paribas bought a new position in shares of AST SpaceMobile in the 1st quarter valued at approximately $43,000. Principal Financial Group Inc. bought a new position in shares of AST SpaceMobile in the first quarter valued at approximately $45,000. Victory Capital Management Inc. acquired a new stake in shares of AST SpaceMobile in the fourth quarter worth $65,000. Cantor Fitzgerald L. P. bought a new stake in shares of AST SpaceMobile during the 4th quarter worth $66,000. Finally, Rathbones Group PLC acquired a new position in AST SpaceMobile in the 4th quarter valued at $76,000. 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.