AST SpaceMobile (NASDAQ:ASTS) Trading 6.5% Higher – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several research firms recently commented 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 note on Wednesday, March 5th. Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Trading Up 10.7 %

The company has a market capitalization of $9.01 billion, a P/E ratio of -13.36 and a beta of 1.62. The business has a fifty day moving average of $25.84 and a 200-day moving average of $25.12. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Activity

In related news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the sale, the director now owns 52,628 shares in the company, valued at $1,617,258.44. This represents a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 41.80% of the company’s stock.

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 position in shares of AST SpaceMobile by 97.4% during the third quarter. Victory Capital Management Inc. now owns 30,680 shares of the company’s stock valued at $802,000 after buying an additional 15,138 shares during the last quarter. Swiss National Bank bought a new position in AST SpaceMobile during the 3rd quarter valued at $6,911,000. Intech Investment Management LLC purchased a new position in AST SpaceMobile during the 3rd quarter worth $957,000. Charles Schwab Investment Management Inc. grew its stake in shares of 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 in the last quarter. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of AST SpaceMobile in the third quarter valued at about $586,000. 60.95% of the stock is owned by institutional investors.

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.