AST SpaceMobile (NASDAQ:ASTS) Shares Down 8.2% After Analyst Downgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price dropped 8.2% on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $32.00 to $23.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. AST SpaceMobile traded as low as $4.33 and last traded at $4.39. Approximately 1,249,676 shares were traded during trading, a decline of 37% from the average daily volume of 1,978,386 shares. The stock had previously closed at $4.78.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James & Associates purchased a new position in shares of AST SpaceMobile during the 1st quarter worth about $102,000. Cambridge Investment Research Advisors Inc. bought a new position in AST SpaceMobile in the 1st quarter valued at $358,000. HighTower Advisors LLC increased its stake in AST SpaceMobile by 97.9% in the first quarter. HighTower Advisors LLC now owns 22,135 shares of the company’s stock worth $221,000 after purchasing an additional 10,950 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of AST SpaceMobile by 14.8% during the first quarter. PNC Financial Services Group Inc. now owns 48,519 shares of the company’s stock worth $485,000 after purchasing an additional 6,246 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in shares of AST SpaceMobile by 18.8% during the first quarter. Penserra Capital Management LLC now owns 151,139 shares of the company’s stock valued at $1,507,000 after purchasing an additional 23,910 shares during the period. 54.53% of the stock is currently owned by institutional investors.

AST SpaceMobile Stock Down 8.4 %

The company has a debt-to-equity ratio of 0.20, a quick ratio of 7.22 and a current ratio of 6.06. The company has a fifty day simple moving average of $3.69 and a two-hundred day simple moving average of $4.38. The firm has a market capitalization of $953.42 million, a PE ratio of -5.38 and a beta of 0.61.

AST SpaceMobile Company Profile

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.