AST SpaceMobile (NASDAQ:ASTS) Trading Up 10.8% - Time to Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shot up 10.8% during mid-day trading on Tuesday . The stock traded as high as $22.45 and last traded at $23.02. 2,654,041 shares were traded during trading, a decline of 49% from the average session volume of 5,198,360 shares. The stock had previously closed at $20.78.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ASTS. UBS Group lifted their price target on AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, November 15th. Scotiabank cut their target price on AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating on the stock in a research note on Friday, November 15th.

AST SpaceMobile Stock Up 11.2 %

The company's fifty day simple moving average is $23.34 and its 200-day simple moving average is $23.71. The firm has a market capitalization of $6.69 billion, a PE ratio of -10.90 and a beta of 1.64. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in shares of AST SpaceMobile by 9.4% during the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company's stock worth $85,450,000 after acquiring an additional 281,749 shares during the last quarter. State Street Corp boosted its stake in AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company's stock worth $80,845,000 after purchasing an additional 399,713 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in AST SpaceMobile by 228.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company's stock worth $29,594,000 after purchasing an additional 787,566 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in AST SpaceMobile by 6.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company's stock worth $22,125,000 after purchasing an additional 47,600 shares during the last quarter. Finally, Privium Fund Management B.V. acquired a new position in AST SpaceMobile during the 3rd quarter valued at approximately $21,476,000. 60.95% of the stock is currently 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.