AST SpaceMobile (NASDAQ:ASTS) Trading Up 13.7% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) was up 13.7% on Wednesday . The stock traded as high as $30.99 and last traded at $29.76. Approximately 8,130,186 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 11,643,170 shares. The stock had previously closed at $26.17.

Analyst Upgrades and Downgrades

Several research firms have commented on ASTS. 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 upgraded AST SpaceMobile to a “strong-buy” rating in a report on Tuesday. Finally, Scotiabank cut their target price on shares of AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a research report on Friday, January 24th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $40.04.

AST SpaceMobile Stock Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The stock’s 50-day moving average price is $23.99 and its 200 day moving average price is $25.40. The firm has a market cap of $8.39 billion, a P/E ratio of -13.68 and a beta of 1.62.

Institutional Investors Weigh In On AST SpaceMobile

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