AST SpaceMobile (NASDAQ:ASTS) Trading 6.8% Higher – Time to Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS) traded up 6.8% during trading on Monday . The stock traded as high as $32.47 and last traded at $32.10. 13,985,242 shares changed hands during trading, an increase of 27% from the average session volume of 11,050,126 shares. The stock had previously closed at $30.05.

Wall Street Analysts Forecast Growth

ASTS has been the subject of several recent analyst reports. UBS Group raised their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Cantor Fitzgerald began coverage on AST SpaceMobile in a research report on Thursday, February 6th. They issued an “overweight” rating and a $30.00 price objective for the company. Finally, Scotiabank reduced their target price on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating on the stock in a research report on Friday, January 24th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $40.04.

AST SpaceMobile Stock Performance

The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of -15.14 and a beta of 1.62. 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 50-day moving average of $23.20 and a 200-day moving average of $24.91.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Hollencrest Capital Management purchased a new position in shares of AST SpaceMobile during the 3rd quarter valued at about $26,000. Fairfield Financial Advisors LTD acquired a new stake in AST SpaceMobile during the third quarter worth about $26,000. Summit Securities Group LLC purchased a new position in AST SpaceMobile during the fourth quarter valued at approximately $37,000. Golden State Wealth Management LLC acquired a new position in AST SpaceMobile in the fourth quarter valued at approximately $46,000. Finally, CIBC Private Wealth Group LLC boosted its position in AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares in the last quarter. 60.95% of the stock is owned by institutional investors and hedge funds.

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.