AST SpaceMobile (NASDAQ:ASTS) Shares Down 7.2% – Time to Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares fell 7.2% during mid-day trading on Friday . The stock traded as low as $79.51 and last traded at $80.20. 10,142,497 shares changed hands during trading, a decline of 38% from the average session volume of 16,380,801 shares. The stock had previously closed at $86.40.

Wall Street Analyst Weigh In

ASTS has been the subject of a number of research reports. Zacks Research lowered AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research report on Friday, January 9th. Scotiabank lowered 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. B. Riley Financial lowered their price target on shares of AST SpaceMobile from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Weiss Ratings restated a “sell (d-)” rating on shares of AST SpaceMobile in a report on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of AST SpaceMobile in a report on Tuesday, January 20th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, AST SpaceMobile currently has an average rating of “Reduce” and a consensus target price of $52.94.

AST SpaceMobile Stock Performance

The company has a quick ratio of 9.48, a current ratio of 9.56 and a debt-to-equity ratio of 0.43. The stock has a market cap of $29.44 billion, a price-to-earnings ratio of -64.68 and a beta of 2.70. The stock’s fifty day moving average is $92.07 and its 200-day moving average is $70.98.

Insiders Place Their Bets

In related news, CTO Huiwen Yao sold 40,000 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $73.52, for a total value of $2,940,800.00. Following the completion of the sale, the chief technology officer owned 4,750 shares in the company, valued at $349,220. This represents a 89.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Shanti B. Gupta sold 10,000 shares of AST SpaceMobile stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $77.34, for a total value of $773,400.00. Following the transaction, the chief operating officer owned 382,375 shares in the company, valued at approximately $29,572,882.50. This represents a 2.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 2,015 shares of company stock worth $149,144 and have sold 2,354,621 shares worth $164,348,075. Corporate insiders own 30.90% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently modified their holdings of the business. REAP Financial Group LLC bought a new stake in AST SpaceMobile during the 3rd quarter worth approximately $25,000. Crewe Advisors LLC acquired a new position in shares of AST SpaceMobile in the fourth quarter valued at approximately $25,000. Laurel Wealth Advisors LLC acquired a new position in shares of AST SpaceMobile in the fourth quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of AST SpaceMobile during the second quarter worth $28,000. Finally, Byrne Asset Management LLC acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth $29,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

AST SpaceMobile Company Profile

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.