AST SpaceMobile (NASDAQ:ASTS) Trading 2.2% Higher – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) rose 2.2% during mid-day trading on Friday . The company traded as high as $24.95 and last traded at $25.22. Approximately 2,133,858 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 11,927,525 shares. The stock had previously closed at $24.69.

Analysts Set New Price Targets

ASTS has been the subject of a number of analyst reports. UBS Group upped their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, March 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, AST SpaceMobile presently has a consensus rating of “Buy” and a consensus target price of $42.98.

AST SpaceMobile Stock Up 4.0 %

The company has a market capitalization of $8.13 billion, a PE ratio of -12.14 and a beta of 1.62. 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 50-day moving average of $25.78 and a two-hundred day moving average of $25.23.

Insider Buying and Selling

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the transaction, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 41.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new position in AST SpaceMobile during the fourth quarter worth $37,000. Bernard Wealth Management Corp. acquired a new position in AST SpaceMobile during the fourth quarter worth $42,000. Golden State Wealth Management LLC acquired a new position in AST SpaceMobile during the fourth quarter worth $46,000. CIBC Private Wealth Group LLC lifted its stake in AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC acquired a new position in AST SpaceMobile during the fourth quarter worth $67,000. 60.95% of the stock is currently 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.