AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 3% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares shot up 3% on Friday . The company traded as high as $24.18 and last traded at $23.98. 1,687,982 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 10,594,735 shares. The stock had previously closed at $23.29.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. B. Riley upped their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Scotiabank dropped their price target on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research note on Friday, November 15th. UBS Group increased their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th.

AST SpaceMobile Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The company has a market cap of $6.90 billion, a P/E ratio of -11.23 and a beta of 1.64. The firm has a 50 day moving average price of $24.91 and a 200-day moving average price of $19.81.

Insider Buying and Selling at AST SpaceMobile

In related news, CTO Huiwen Yao sold 45,000 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the transaction, the chief technology officer now owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. The trade was a 45.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the completion of the sale, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. This trade represents a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,700 shares of company stock valued at $3,220,524 in the last 90 days. 41.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fairfield Financial Advisors LTD bought a new stake in shares of AST SpaceMobile in the 3rd quarter worth approximately $26,000. Hollencrest Capital Management bought a new position in AST SpaceMobile in the third quarter worth $26,000. Rakuten Securities Inc. acquired a new stake in AST SpaceMobile during the third quarter worth $68,000. Sunbelt Securities Inc. increased its holdings in AST SpaceMobile by 3,380.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock valued at $91,000 after buying an additional 3,380 shares during the period. Finally, KBC Group NV acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at $104,000. 60.95% of the stock is currently owned by institutional investors.

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.