AST SpaceMobile (NASDAQ:ASTS) Shares Up 2.4% – Should You Buy?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) shot up 2.4% during mid-day trading on Thursday . The company traded as high as $24.35 and last traded at $24.06. 1,633,559 shares changed hands during trading, a decline of 84% from the average session volume of 10,334,473 shares. The stock had previously closed at $23.49.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ASTS shares. Scotiabank decreased their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday, November 15th. UBS Group increased their price target on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th.

AST SpaceMobile Stock Performance

The company has a 50 day simple moving average of $24.32 and a 200-day simple moving average of $22.23. The stock has a market capitalization of $6.64 billion, a P/E ratio of -10.81 and a beta of 1.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

Insider Activity at AST SpaceMobile

In other news, President Scott Wisniewski sold 2,700 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the sale, the president now directly owns 712,660 shares of the company’s stock, valued at approximately $16,476,699.20. This represents a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Huiwen Yao sold 45,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the completion of the sale, the chief technology officer now owns 55,000 shares in the company, valued at $1,334,300. This represents a 45.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,700 shares of company stock worth $3,220,524. Corporate insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

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

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.