AST SpaceMobile (NASDAQ:ASTS) Trading Up 2.8% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were up 2.8% during mid-day trading on Friday . The company traded as high as $26.98 and last traded at $26.86. Approximately 2,895,092 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 11,866,571 shares. The stock had previously closed at $26.12.

Analysts Set New Price Targets

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

AST SpaceMobile Price Performance

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $8.91 billion, a price-to-earnings ratio of -13.28 and a beta of 1.62. The company’s 50-day simple moving average is $25.53 and its 200 day simple moving average is $25.28.

Insiders Place Their Bets

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the transaction, the director now directly owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently bought and sold shares of the business. Summit Securities Group LLC acquired a new position in AST SpaceMobile during the fourth quarter worth $37,000. Bernard Wealth Management Corp. acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at about $42,000. Golden State Wealth Management LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at about $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 during the last quarter. Finally, AlphaQuest LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at about $67,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.