AST SpaceMobile (NASDAQ:ASTS) Trading 2.2% Higher – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded up 2.2% during mid-day trading on Friday . The stock traded as high as $24.95 and last traded at $25.22. 2,133,858 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 11,927,525 shares. The stock had previously closed at $24.69.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Scotiabank reissued an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. UBS Group boosted their price objective on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $42.98.

AST SpaceMobile Stock Up 4.0 %

The company has a market cap of $8.13 billion, a price-to-earnings ratio of -12.14 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 business has a fifty day moving average of $25.78 and a two-hundred day moving average of $25.23.

Insider Buying and Selling

In related news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 41.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

A number of hedge funds have recently made changes to their positions in ASTS. Summit Securities Group LLC acquired a new position in shares of AST SpaceMobile during the fourth quarter valued at approximately $37,000. Bernard Wealth Management Corp. acquired a new position in shares of AST SpaceMobile during the fourth quarter valued at approximately $42,000. Golden State Wealth Management LLC acquired a new position in shares of AST SpaceMobile during the fourth quarter valued at approximately $46,000. CIBC Private Wealth Group LLC grew its position in shares of AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after purchasing an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC purchased a new stake in shares of AST SpaceMobile in the fourth quarter valued at approximately $67,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.