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

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s stock price 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.

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

Institutional Investors Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of AST SpaceMobile by 235.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company's stock valued at $6,479,000 after acquiring an additional 174,007 shares in the last quarter. Van ECK Associates Corp grew its stake in AST SpaceMobile by 141.1% in the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company's stock worth $2,716,000 after purchasing an additional 60,530 shares in the last quarter. Algert Global LLC acquired a new position in shares of AST SpaceMobile in the 3rd quarter worth approximately $768,000. Handelsbanken Fonder AB acquired a new position in AST SpaceMobile in the fourth quarter worth $755,000. Finally, Oppenheimer & Co. Inc. grew its position in shares of AST SpaceMobile by 6.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company's stock valued at $22,125,000 after buying an additional 47,600 shares during the last quarter. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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AST SpaceMobile Price Performance

The company has a market capitalization of $9.68 billion, a P/E ratio of -15.75 and a beta of 1.62. The company has a fifty day moving average price of $24.72 and a 200 day moving average price of $25.58. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

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.