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

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were down 4.2% on Wednesday after an insider sold shares in the company. The company traded as low as $27.31 and last traded at $27.46. Approximately 5,102,060 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 11,833,007 shares. The stock had previously closed at $28.66.

Specifically, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Ratings Changes

A number of research firms have issued reports on ASTS. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, UBS Group raised their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, March 5th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $42.98.

AST SpaceMobile Price 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 company has a market capitalization of $8.72 billion, a PE ratio of -13.00 and a beta of 1.62. The firm has a 50-day moving average of $25.35 and a 200 day moving average of $25.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Summit Securities Group LLC purchased a new position in AST SpaceMobile in the fourth quarter worth about $37,000. Bernard Wealth Management Corp. purchased a new position in shares of AST SpaceMobile during the 4th quarter valued at about $42,000. Golden State Wealth Management LLC purchased a new position in shares of AST SpaceMobile during the 4th quarter valued at about $46,000. CIBC Private Wealth Group LLC lifted its position in shares of AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after buying an additional 1,222 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new position in shares of AST SpaceMobile during the 3rd quarter valued at about $68,000. 60.95% of the stock is owned by hedge funds and other 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.