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

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price rose 2.8% during mid-day trading on Friday . The stock 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.

Wall Street Analysts Forecast Growth

ASTS has been the topic of several research analyst reports. Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. UBS Group lifted their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, AST SpaceMobile currently has a consensus rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Trading Up 7.8 %

The stock has a market cap of $8.91 billion, a P/E ratio of -13.28 and a beta of 1.62. 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 business’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 news, Director Julio A. Torres sold 20,000 shares of AST SpaceMobile stock in a transaction that occurred on Monday, March 10th. The shares were 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 in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ASTS. Bernard Wealth Management Corp. bought a new position in AST SpaceMobile in the 4th quarter worth approximately $42,000. First Heartland Consultants Inc. raised its position in AST SpaceMobile by 42.3% in the 4th quarter. First Heartland Consultants Inc. now owns 14,499 shares of the company’s stock worth $306,000 after purchasing an additional 4,311 shares during the last quarter. PharVision Advisers LLC bought a new position in AST SpaceMobile in the 4th quarter worth approximately $541,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in AST SpaceMobile by 49.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,810 shares of the company’s stock worth $5,820,000 after purchasing an additional 91,536 shares during the last quarter. Finally, Twinbeech Capital LP bought a new position in AST SpaceMobile in the 4th quarter worth approximately $4,684,000. Institutional investors 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.