AST SpaceMobile (NASDAQ:ASTS) Given New $38.00 Price Target at UBS Group

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) had its price objective raised by equities research analysts at UBS Group from $31.00 to $38.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. UBS Group's price objective would indicate a potential upside of 12.46% from the company's current price.

A number of other research analysts have also recently weighed in on ASTS. Scotiabank raised their price objective on shares of AST SpaceMobile from $40.20 to $47.90 and gave the stock a "sector outperform" rating in a research note on Wednesday. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, AST SpaceMobile has an average rating of "Buy" and an average price target of $42.98.

AST SpaceMobile Price Performance

NASDAQ ASTS traded down $0.01 during trading hours on Wednesday, reaching $33.79. The company's stock had a trading volume of 10,919,419 shares, compared to its average volume of 12,554,482. 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 company's 50-day moving average is $24.57 and its two-hundred day moving average is $25.53. AST SpaceMobile has a fifty-two week low of $1.97 and a fifty-two week high of $39.08. The stock has a market cap of $9.79 billion, a PE ratio of -15.97 and a beta of 1.62.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently modified their holdings of the company. Stephens Inc. AR acquired a new position in AST SpaceMobile in the 3rd quarter valued at $266,000. Van ECK Associates Corp grew its position in shares of AST SpaceMobile by 141.1% in the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company's stock valued at $2,716,000 after purchasing an additional 60,530 shares during the period. Amalgamated Bank increased its stake in AST SpaceMobile by 17.4% in the third 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 last quarter. Hanseatic Management Services Inc. purchased a new position in AST SpaceMobile during the third quarter worth about $706,000. Finally, Hollencrest Capital Management acquired a new stake in AST SpaceMobile in the 3rd quarter worth about $26,000. Hedge funds and other institutional investors own 60.95% of the company's stock.

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.