AST SpaceMobile (NASDAQ:ASTS) Sees Strong Trading Volume on Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares saw unusually-high trading volume on Monday after Scotiabank raised their price target on the stock from $21.10 to $28.00. Scotiabank currently has a sector outperform rating on the stock. Approximately 3,903,830 shares changed hands during trading, a decline of 56% from the previous session’s volume of 8,857,319 shares.The stock last traded at $33.15 and had previously closed at $31.03.

Several other research firms have also issued reports on ASTS. B. Riley upped their price target on AST SpaceMobile from $15.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. UBS Group increased their target price on shares of AST SpaceMobile from $13.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 15th.

Institutional Trading of AST SpaceMobile

A number of institutional investors and hedge funds have recently made changes to their positions in ASTS. Van ECK Associates Corp bought a new position in AST SpaceMobile during the 4th quarter worth $246,000. Victory Capital Management Inc. bought a new stake in AST SpaceMobile in the 4th quarter valued at about $65,000. PNC Financial Services Group Inc. increased its stake in shares of AST SpaceMobile by 319.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock valued at $985,000 after purchasing an additional 124,322 shares during the period. IPG Investment Advisors LLC bought a new stake in shares of AST SpaceMobile during the fourth quarter valued at approximately $96,000. Finally, Rathbones Group PLC acquired a new position in shares of AST SpaceMobile during the fourth quarter worth approximately $76,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

AST SpaceMobile Stock Performance

The firm has a market capitalization of $8.84 billion, a price-to-earnings ratio of -35.02 and a beta of 1.61. The company has a 50-day moving average price of $15.89 and a 200-day moving average price of $7.90. The company has a quick ratio of 7.51, a current ratio of 7.51 and a debt-to-equity ratio of 0.56.

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.