AST SpaceMobile (NASDAQ:ASTS) Trading Up 2.4% – Still a Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price shot up 2.4% during mid-day trading on Thursday . The stock traded as high as $24.35 and last traded at $24.06. 1,633,559 shares traded hands during trading, a decline of 84% from the average session volume of 10,334,473 shares. The stock had previously closed at $23.49.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ASTS. Scotiabank reduced their price objective on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research report on Friday, November 15th. B. Riley increased their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. UBS Group upped their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th.

AST SpaceMobile Trading Up 2.1 %

The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average is $24.50 and its 200 day moving average is $22.12. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of -11.31 and a beta of 1.60.

Insider Buying and Selling

In other news, President Scott Wisniewski sold 2,700 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the sale, the president now directly owns 712,660 shares of the company’s stock, valued at approximately $16,476,699.20. This represents a 0.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Huiwen Yao sold 45,000 shares of AST SpaceMobile stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the transaction, the chief technology officer now directly owns 55,000 shares of the company’s stock, valued at $1,334,300. This represents a 45.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,700 shares of company stock valued at $3,220,524 over the last 90 days. 41.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Fairfield Financial Advisors LTD bought a new stake in AST SpaceMobile in the third quarter valued at $26,000. Hollencrest Capital Management acquired a new stake in AST SpaceMobile in the third quarter valued at approximately $26,000. Rakuten Securities Inc. bought a new stake in shares of AST SpaceMobile during the third quarter valued at approximately $68,000. Sunbelt Securities Inc. lifted its holdings in shares of AST SpaceMobile by 3,380.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after purchasing an additional 3,380 shares in the last quarter. Finally, KBC Group NV acquired a new stake in AST SpaceMobile in the 3rd quarter valued at $104,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.