AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 5.8%

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTSGet Free Report) dropped 5.8% during trading on Thursday . The company traded as low as $2.78 and last traded at $2.78. Approximately 2,389,864 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 4,611,349 shares. The stock had previously closed at $2.95.

Analyst Upgrades and Downgrades

ASTS has been the subject of a number of research reports. Scotiabank initiated coverage on AST SpaceMobile in a research report on Wednesday, March 6th. They issued a “sector outperform” rating and a $7.50 price objective for the company. UBS Group started coverage on AST SpaceMobile in a research report on Friday, March 8th. They set a “buy” rating and a $7.00 target price for the company.

Check Out Our Latest Stock Report on AST SpaceMobile

AST SpaceMobile Trading Down 5.8 %

The company has a 50-day simple moving average of $3.22 and a 200-day simple moving average of $3.93. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06. The stock has a market cap of $606.93 million, a P/E ratio of -3.31 and a beta of 0.88.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently made changes to their positions in ASTS. BlackRock Inc. increased its stake in shares of AST SpaceMobile by 273.3% in the 2nd quarter. BlackRock Inc. now owns 4,009,576 shares of the company’s stock valued at $18,845,000 after buying an additional 2,935,470 shares during the period. Ghisallo Capital Management LLC acquired a new stake in shares of AST SpaceMobile in the 2nd quarter valued at $9,304,000. Broad Run Investment Management LLC increased its stake in shares of AST SpaceMobile by 74.8% in the 4th quarter. Broad Run Investment Management LLC now owns 3,962,853 shares of the company’s stock valued at $23,896,000 after buying an additional 1,695,805 shares during the period. Polar Asset Management Partners Inc. increased its stake in shares of AST SpaceMobile by 134.2% in the 2nd quarter. Polar Asset Management Partners Inc. now owns 1,745,399 shares of the company’s stock valued at $8,203,000 after buying an additional 1,000,000 shares during the period. Finally, Two Sigma Investments LP increased its stake in shares of AST SpaceMobile by 1,349.0% in the 4th quarter. Two Sigma Investments LP now owns 1,003,817 shares of the company’s stock valued at $4,838,000 after buying an additional 934,539 shares during the period. 54.53% of the stock is owned by institutional investors and hedge funds.

About AST SpaceMobile

(Get Free Report)

AST SpaceMobile, Inc, together with its subsidiaries, operates space-based cellular broadband network for mobile phones in the United States. Its SpaceMobile service provides mobile broadband services to end-users who are out of terrestrial cellular coverage. AST SpaceMobile, Inc was founded in 2017 and is based in Midland, Texas.

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