AST SpaceMobile (NASDAQ:ASTS) Shares Up 6.6% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price shot up 6.6% on Friday . The company traded as high as $23.12 and last traded at $23.06. 2,011,088 shares traded hands during trading, a decline of 33% from the average session volume of 2,979,404 shares. The stock had previously closed at $21.64.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ASTS. 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. Scotiabank reduced their price target on shares of 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.

AST SpaceMobile Price Performance

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of -11.31 and a beta of 1.60. The company has a fifty day moving average price of $23.87 and a two-hundred day moving average price of $22.71.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, CTO Huiwen Yao sold 45,000 shares of AST SpaceMobile stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total value of $1,091,700.00. Following the transaction, the chief technology officer now directly owns 55,000 shares in the company, valued at approximately $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 can be accessed through this hyperlink. 41.80% of the stock is owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently modified their holdings of the stock. Fairfield Financial Advisors LTD acquired a new position in shares of AST SpaceMobile during the third quarter worth about $26,000. Hollencrest Capital Management acquired a new position in AST SpaceMobile during the third quarter worth $26,000. Rakuten Securities Inc. acquired a new stake in AST SpaceMobile in the third quarter valued at $68,000. Sunbelt Securities Inc. grew its position in AST SpaceMobile by 3,380.0% during the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after buying an additional 3,380 shares during the period. Finally, KBC Group NV purchased a new position in AST SpaceMobile in the third quarter valued at about $104,000. Hedge funds and other 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.