AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 1% – Time to Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price rose 1% during mid-day trading on Wednesday . The stock traded as high as $23.79 and last traded at $23.49. Approximately 2,293,361 shares changed hands during trading, a decline of 78% from the average daily volume of 10,370,488 shares. The stock had previously closed at $23.25.

Analyst Upgrades and Downgrades

ASTS has been the subject of several research reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Scotiabank reduced their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research report on Friday, November 15th. B. Riley boosted their price objective on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, UBS Group raised their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

AST SpaceMobile Stock Up 5.1 %

The company has a market capitalization of $7.15 billion, a price-to-earnings ratio of -11.64 and a beta of 1.60. The business has a fifty day simple moving average of $24.43 and a two-hundred day simple moving average of $22.13. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 45,000 shares of AST SpaceMobile stock in a transaction dated 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 completion of the transaction, the chief technology officer now directly owns 55,000 shares of the company’s stock, valued at $1,334,300. This trade represents a 45.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Scott Wisniewski sold 2,700 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the completion of the transaction, the president now owns 712,660 shares in the company, valued at approximately $16,476,699.20. This trade represents a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 127,700 shares of company stock valued at $3,220,524 in the last 90 days. 41.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently bought and sold shares of ASTS. Privium Fund Management B.V. bought a new stake in shares of AST SpaceMobile during the third quarter worth $21,476,000. Oppenheimer & Co. Inc. acquired a new position in AST SpaceMobile during the 2nd quarter worth about $9,270,000. Charles Schwab Investment Management Inc. grew its holdings in AST SpaceMobile by 228.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after acquiring an additional 787,566 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in AST SpaceMobile in the 2nd quarter valued at about $4,757,000. Finally, State Street Corp raised its stake in shares of AST SpaceMobile by 14.8% in the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after acquiring an additional 399,713 shares during the last quarter. 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.