AST SpaceMobile (NASDAQ:ASTS) Shares Down 0.3% - Should You Sell?

AST SpaceMobile, Inc. (NASDAQ:ASTS) saw its shares decline by 0.3% in trading activities last Friday. The stock price dipped to as low as $23.05 before settling at $23.25. During the trading session, a total of 1,386,769 shares were exchanged, which marks a significant decrease of 87% from the average daily volume of 10,472,276 shares. Previously, the stock had closed at $23.33.

Wall Street Analysts Forecast Growth

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Several research firms have provided updates on AST SpaceMobile. Recently, UBS Group increased their price target for the company from $30.00 to $31.00, maintaining a "buy" rating. Additionally, B. Riley raised their target from $26.00 to $36.00, also giving a "buy" rating. Deutsche Bank adjusted their target from $22.00 to $63.00, continuing with a "buy" rating. On the other hand, Scotiabank lowered their price target from $45.90 to $44.70, while still rating the stock as "sector outperform."

AST SpaceMobile Price Performance

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The company has a market capitalization of $6.77 billion and a price-to-earnings (PE) ratio of -10.97, indicating a challenging earnings situation. The stock has a beta of 1.60. Its fifty-day moving average stands at $24.72, while the two-hundred-day moving average is at $21.04. Furthermore, AST SpaceMobile boasts a debt-to-equity ratio of 0.31 and both quick and current ratios of 5.80, suggesting solid liquidity.

Insider Activity at AST SpaceMobile

In noteworthy insider activities, Chief Technology Officer Huiwen Yao sold 45,000 shares on October 8 at an average price of $24.26, making a total of $1,091,700. This sale reduced their ownership by 45%. After the transaction, Yao retains 55,000 shares valued at approximately $1,334,300. Furthermore, COO Shanti B. Gupta sold 80,000 shares on September 30 for about $2,066,400, resulting in a 16.91% decrease in their holdings. Over the past 90 days, insiders sold a total of 127,700 shares worth $3,220,524, with corporate insiders holding 41.80% of the stock.

Hedge Funds Weigh In On AST SpaceMobile

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A number of hedge funds have been adjusting their positions in AST SpaceMobile recently. For example, B. Riley Wealth Advisors Inc. acquired a new stake worth $278,000 during the second quarter. Van ECK Associates raised its holdings by 141.1% in the third quarter, now owning 103,437 shares worth about $2,716,000 after increasing their position by 60,530 shares. Other funds like Algert Global LLC and Americana Partners LLC also purchased new stakes worth approximately $768,000 and $673,000, respectively. Oppenheimer & Co. Inc. also increased their holdings by 6.0% in the same period, bringing their total to 846,072 shares valued at $22,125,000. Overall, institutional investors own around 60.95% of the stock.

About AST SpaceMobile

AST SpaceMobile, founded in 2017 and headquartered in Midland, Texas, develops and offers access to a space-based cellular broadband network designed for smartphones across the United States. The primary service of SpaceMobile is to provide cellular coverage to end-users located beyond the reach of traditional cellular networks.

Should You Invest in AST SpaceMobile Right Now?

Before making a decision about investing in AST SpaceMobile, consider the current market sentiments. While the stock is rated as a "Buy" by many analysts, there are other companies that may present better investment opportunities according to top-rated research analysts.

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