Cantor Fitzgerald Initiates Coverage on AST SpaceMobile (NASDAQ:ASTS)

Cantor Fitzgerald started coverage on shares of AST SpaceMobile (NASDAQ:ASTS - Free Report) in a report released on Thursday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $30.00 target price on the stock.

Several other research firms have also recently weighed in on ASTS. UBS Group boosted their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Scotiabank lowered their target price on shares of AST SpaceMobile from $44.70 to $40.20 and set a "sector outperform" rating for the company in a report on Friday, January 24th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $40.04.

AST SpaceMobile Stock Up 9.8 %

AST SpaceMobile stock traded up $2.41 during midday trading on Thursday, reaching $27.12. The company's stock had a trading volume of 19,701,529 shares, compared to its average volume of 10,433,405. The business has a 50-day simple moving average of $22.42 and a 200-day simple moving average of $24.25. The company has a market cap of $7.86 billion, a P/E ratio of -12.79 and a beta of 1.62. AST SpaceMobile has a fifty-two week low of $1.97 and a fifty-two week high of $39.08. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Institutional Trading of AST SpaceMobile

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASTS. Raymond James Financial Inc. purchased a new position in shares of AST SpaceMobile in the 4th quarter valued at approximately $1,350,000. Arizona State Retirement System lifted its holdings in shares of AST SpaceMobile by 18.9% during the fourth quarter. Arizona State Retirement System now owns 46,352 shares of the company's stock worth $978,000 after purchasing an additional 7,370 shares during the period. Victory Capital Management Inc. grew its position in AST SpaceMobile by 22.8% in the 4th quarter. Victory Capital Management Inc. now owns 37,662 shares of the company's stock valued at $795,000 after buying an additional 6,982 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in AST SpaceMobile by 11.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock valued at $26,728,000 after buying an additional 135,008 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in AST SpaceMobile during the 4th quarter worth $781,000. 60.95% of the stock is owned by hedge funds and other 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.