AST SpaceMobile (NASDAQ:ASTS) Shares Up 6.5% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price traded up 6.5% on Monday . The company traded as high as $28.25 and last traded at $27.38. 3,673,867 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 12,121,258 shares. The stock had previously closed at $25.71.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ASTS. UBS Group raised their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, AST SpaceMobile presently has a consensus rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Stock Performance

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 has a market capitalization of $9.04 billion, a PE ratio of -13.47 and a beta of 1.62. The stock’s 50 day moving average price is $26.17 and its two-hundred day moving average price is $25.15.

Insider Buying and Selling at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the sale, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 41.80% of the stock is owned by insiders.

Institutional Trading of AST SpaceMobile

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its stake in shares of AST SpaceMobile by 97.4% during the 3rd quarter. Victory Capital Management Inc. now owns 30,680 shares of the company’s stock worth $802,000 after purchasing an additional 15,138 shares during the last quarter. Swiss National Bank purchased a new position in shares of AST SpaceMobile during the third quarter valued at approximately $6,911,000. Intech Investment Management LLC acquired a new stake in AST SpaceMobile during the third quarter worth approximately $957,000. Charles Schwab Investment Management Inc. grew its stake in AST SpaceMobile by 228.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after acquiring an additional 787,566 shares during the period. Finally, Kingsview Wealth Management LLC acquired a new position in AST SpaceMobile in the 3rd quarter valued at $586,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

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.