AST SpaceMobile (NASDAQ:ASTS) Shares Gap Up on Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) gapped up prior to trading on Wednesday after UBS Group raised their price target on the stock from $31.00 to $38.00. The stock had previously closed at $28.61, but opened at $30.12. UBS Group currently has a buy rating on the stock. AST SpaceMobile shares last traded at $32.32, with a volume of 6,090,210 shares traded.

Other equities research analysts have also issued research reports about the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday. Scotiabank raised their price target on shares of AST SpaceMobile from $40.20 to $47.90 and gave the company a "sector outperform" rating in a research note on Wednesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $42.98.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently made changes to their positions in the company. Amalgamated Bank increased its stake in shares of AST SpaceMobile by 17.4% during the third quarter. Amalgamated Bank now owns 4,578 shares of the company's stock valued at $120,000 after acquiring an additional 679 shares during the period. Xponance Inc. increased its stake in shares of AST SpaceMobile by 8.7% during the fourth quarter. Xponance Inc. now owns 9,676 shares of the company's stock valued at $204,000 after acquiring an additional 772 shares during the period. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile during the third quarter valued at approximately $26,000. CIBC Private Wealth Group LLC increased its stake in shares of AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after acquiring an additional 1,222 shares during the period. Finally, Americana Partners LLC increased its stake in shares of AST SpaceMobile by 5.2% during the fourth quarter. Americana Partners LLC now owns 27,047 shares of the company's stock valued at $571,000 after acquiring an additional 1,326 shares during the period. Institutional investors and hedge funds own 60.95% of the company's stock.

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AST SpaceMobile Stock Up 3.8 %

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 cap of $9.68 billion, a price-to-earnings ratio of -15.75 and a beta of 1.62. The stock's 50 day moving average is $24.93 and its 200 day moving average is $25.48.

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.