AST SpaceMobile (NASDAQ:ASTS) Trading Up 11.6% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s stock price traded up 11.6% during trading on Wednesday . The stock traded as high as $23.90 and last traded at $23.77. 3,138,339 shares were traded during mid-day trading, a decline of 75% from the average session volume of 12,383,488 shares. The stock had previously closed at $21.30.

Analysts Set New Price Targets

A number of brokerages have issued reports on ASTS. UBS Group upped their target price on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Roth Capital initiated coverage on shares of AST SpaceMobile in a research report on Thursday, April 10th. They issued a "buy" rating and a $42.00 target price for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Finally, Scotiabank restated an "outperform" rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $42.82.

AST SpaceMobile Price Performance

The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of -11.44 and a beta of 1.81. The business has a 50-day moving average price of $25.42 and a two-hundred day moving average price of $24.61. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Activity

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the transaction, the director now directly owns 52,628 shares of the company's stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 41.80% of the company's stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in 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. Key Colony Management LLC increased its stake in AST SpaceMobile by 44.1% during the 4th quarter. Key Colony Management LLC now owns 196,000 shares of the company's stock valued at $4,136,000 after buying an additional 60,000 shares during the period. Lake Hills Wealth Management LLC acquired a new stake in shares of AST SpaceMobile in the 4th quarter worth approximately $374,000. KBC Group NV boosted its stake in AST SpaceMobile by 63.8% during the 4th quarter. KBC Group NV now owns 6,509 shares of the company's stock valued at $137,000 after purchasing an additional 2,536 shares in the last quarter. Finally, MBE Wealth Management LLC raised its position in AST SpaceMobile by 7.0% in the fourth quarter. MBE Wealth Management LLC now owns 39,718 shares of the company's stock worth $838,000 after acquiring an additional 2,602 shares in the last quarter. 60.95% of the stock is owned by 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.