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

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $26.17, but opened at $28.57. AST SpaceMobile shares last traded at $30.03, with a volume of 6,099,477 shares trading hands.

Analysts Set New Price Targets

Several research firms have weighed in on ASTS. Cantor Fitzgerald raised AST SpaceMobile to a “strong-buy” rating in a research note on Tuesday. UBS Group increased their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Scotiabank reduced their price objective on shares of AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating on the stock in a research note on Friday, January 24th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $40.04.

AST SpaceMobile Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of -14.07 and a beta of 1.62. The company has a 50-day moving average of $23.99 and a 200-day moving average of $25.40.

Institutional Investors Weigh In On AST SpaceMobile

Several institutional investors have recently added to or reduced their stakes in ASTS. Amalgamated Bank raised its stake in shares of AST SpaceMobile by 17.4% in the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after purchasing an additional 679 shares during the period. Xponance Inc. grew its holdings in shares of AST SpaceMobile by 8.7% during the fourth quarter. Xponance Inc. now owns 9,676 shares of the company’s stock worth $204,000 after buying an additional 772 shares in the last quarter. Hollencrest Capital Management acquired a new stake in AST SpaceMobile in the 3rd quarter valued at approximately $26,000. Fairfield Financial Advisors LTD bought a new stake in AST SpaceMobile in the 3rd quarter valued at approximately $26,000. Finally, CIBC Private Wealth Group LLC boosted its position in AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after acquiring an additional 1,222 shares during the last quarter. 60.95% of the stock is owned by institutional investors.

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.