AST SpaceMobile (NASDAQ:ASTS) Shares Gap Up - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $17.72, but opened at $18.52. AST SpaceMobile shares last traded at $18.57, with a volume of 2,148,366 shares traded.

Analyst Ratings Changes

Several analysts recently issued reports on ASTS shares. UBS Group raised their price target on AST SpaceMobile from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Scotiabank lowered their price target on shares of AST SpaceMobile from $44.70 to $40.20 and set a "sector outperform" rating for the company in a research report on Friday, January 24th.

AST SpaceMobile Price Performance

The stock has a 50-day moving average of $22.65 and a two-hundred day moving average of $23.95. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of -8.69 and a beta of 1.64.

Institutional Trading of AST SpaceMobile

Hedge funds have recently made changes to their positions in the stock. Privium Fund Management B.V. acquired a new stake in shares of AST SpaceMobile during the 3rd quarter valued at about $21,476,000. Charles Schwab Investment Management Inc. lifted its stake in AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company's stock valued at $29,594,000 after acquiring an additional 787,566 shares during the last quarter. State Street Corp grew its position in AST SpaceMobile by 14.8% in the third quarter. State Street Corp now owns 3,091,577 shares of the company's stock worth $80,845,000 after acquiring an additional 399,713 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of AST SpaceMobile by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company's stock worth $85,450,000 after purchasing an additional 281,749 shares during the last quarter. Finally, Swiss National Bank bought a new position in shares of AST SpaceMobile during the 3rd quarter valued at $6,911,000. 60.95% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.