AST SpaceMobile (NASDAQ:ASTS) Shares Up 2.4%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded up 2.4% during mid-day trading on Wednesday . The company traded as high as $28.96 and last traded at $28.66. 2,742,771 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 10,439,668 shares. The stock had previously closed at $28.00.

Wall Street Analysts Forecast Growth

ASTS has been the topic of several research analyst reports. UBS Group boosted their target price on AST SpaceMobile from $13.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. B. Riley upped their target price on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft upped their target price on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Scotiabank upped their target price on AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a research report on Monday, August 26th.

AST SpaceMobile Stock Up 1.1 %

The business has a fifty day moving average price of $23.67 and a two-hundred day moving average price of $11.76. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38. The firm has a market capitalization of $7.37 billion, a price-to-earnings ratio of -29.19 and a beta of 1.63.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.05. The firm had revenue of $0.90 million during the quarter, compared to analyst estimates of $2.00 million. On average, equities analysts expect that AST SpaceMobile, Inc. will post -0.88 earnings per share for the current year.

Insider Transactions at AST SpaceMobile

In related news, Director Adriana Cisneros bought 4,934 shares of the stock in a transaction dated Friday, September 6th. The shares were purchased at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the completion of the purchase, the director now directly owns 774,772 shares of the company’s stock, valued at $20,391,999.04. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 56.56% of the company’s stock.

Institutional Trading of AST SpaceMobile

A number of hedge funds have recently modified their holdings of the stock. BNP Paribas purchased a new position in AST SpaceMobile during the first quarter worth approximately $43,000. Principal Financial Group Inc. purchased a new position in AST SpaceMobile during the first quarter worth approximately $45,000. Victory Capital Management Inc. purchased a new position in AST SpaceMobile during the fourth quarter worth approximately $65,000. Cantor Fitzgerald L. P. purchased a new position in AST SpaceMobile during the fourth quarter worth approximately $66,000. Finally, Rathbones Group PLC purchased a new position in AST SpaceMobile during the fourth quarter worth approximately $76,000. Hedge funds and other institutional investors 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.