AST SpaceMobile (NASDAQ:ASTS) Shares Down 3.5% – Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) was down 3.5% on Wednesday . The stock traded as low as $21.73 and last traded at $22.20. Approximately 1,983,703 shares traded hands during trading, a decline of 63% from the average daily volume of 5,318,823 shares. The stock had previously closed at $23.00.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Scotiabank decreased their price target on 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 target price on shares of 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 Stock Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The stock has a market capitalization of $6.50 billion, a PE ratio of -10.59 and a beta of 1.64. The firm has a fifty day moving average price of $23.73 and a two-hundred day moving average price of $22.98.

Institutional Trading of AST SpaceMobile

Several institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in shares of AST SpaceMobile by 235.9% in the third quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock worth $6,479,000 after purchasing an additional 174,007 shares during the last quarter. Sunbelt Securities Inc. boosted its position in AST SpaceMobile by 3,380.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock valued at $91,000 after buying an additional 3,380 shares during the period. Geode Capital Management LLC grew its stake in AST SpaceMobile by 9.4% in 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. K2 Principal Fund L.P. purchased a new position in shares of AST SpaceMobile during the third quarter worth approximately $232,000. Finally, Weiss Asset Management LP bought a new stake in shares of AST SpaceMobile during the third quarter valued at approximately $1,308,000. 60.95% of the stock is currently owned by institutional investors.

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.