UBS Group Forecasts Strong Price Appreciation for AST SpaceMobile (NASDAQ:ASTS) Stock

AST SpaceMobile (NASDAQ:ASTS) had its price objective increased by analysts at UBS Group from $30.00 to $31.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target would suggest a potential upside of 38.76% from the stock’s previous close.

A number of other analysts have also commented on the company. Deutsche Bank Aktiengesellschaft increased their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. B. Riley lifted their price target on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Scotiabank upped their price objective on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a research note on Monday, August 26th.

AST SpaceMobile Price Performance

Shares of NASDAQ ASTS traded down $4.46 on Friday, hitting $22.34. The company’s stock had a trading volume of 5,395,584 shares, compared to its average volume of 10,624,786. The stock has a 50 day moving average of $25.67 and a 200-day moving average of $18.14. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of -17.86 and a beta of 1.64. AST SpaceMobile has a 12-month low of $1.97 and a 12-month high of $39.08. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38.

AST SpaceMobile (NASDAQ:ASTS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to analyst estimates of $2.00 million. As a group, research analysts predict that AST SpaceMobile will post -0.72 EPS for the current year.

Insider Buying and Selling

In related news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction on Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the transaction, the president now owns 712,660 shares in the company, valued at approximately $16,476,699.20. The trade was a 0.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Adriana Cisneros purchased 4,934 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of $26.32 per share, with a total value of $129,862.88. Following the completion of the acquisition, the director now owns 774,772 shares in the company, valued at $20,391,999.04. This represents a 0.64 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 127,700 shares of company stock valued at $3,220,524. Insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank lifted its position in AST SpaceMobile by 17.4% during the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock worth $120,000 after acquiring an additional 679 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of AST SpaceMobile by 5.5% during the second quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after purchasing an additional 814 shares in the last quarter. Fairfield Financial Advisors LTD purchased a new position in shares of AST SpaceMobile in the third quarter valued at $26,000. Hollencrest Capital Management acquired a new stake in AST SpaceMobile during the 3rd quarter valued at $26,000. Finally, Calton & Associates Inc. lifted its holdings in AST SpaceMobile by 14.5% in the 3rd quarter. Calton & Associates Inc. now owns 12,600 shares of the company’s stock worth $329,000 after buying an additional 1,600 shares in 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.