AST SpaceMobile (NASDAQ:ASTS) Trading 1.8% Higher - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares rose 1.8% during mid-day trading on Thursday . The company traded as high as $24.22 and last traded at $23.98. Approximately 1,347,616 shares traded hands during trading, a decline of 87% from the average daily volume of 10,499,062 shares. The stock had previously closed at $23.56.

Wall Street Analysts Forecast Growth

ASTS has been the subject of a number of recent research reports. UBS Group raised their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft raised their price target on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. B. Riley lifted their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, August 29th. Finally, Scotiabank cut their target price on shares of AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating for the company in a report on Friday, November 15th.

AST SpaceMobile Stock Performance

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 stock has a market capitalization of $6.76 billion, a PE ratio of -11.00 and a beta of 1.60. The firm's fifty day moving average price is $24.72 and its two-hundred day moving average price is $21.04.

Insider Activity

In related news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction on Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the sale, the president now owns 712,660 shares of the company's stock, valued at approximately $16,476,699.20. This trade represents a 0.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Shanti B. Gupta sold 80,000 shares of AST SpaceMobile stock in a transaction on Monday, September 30th. The shares were sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the completion of the sale, the chief operating officer now directly owns 393,232 shares in the company, valued at $10,157,182.56. This represents a 16.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,700 shares of company stock valued at $3,220,524 in the last three months. 41.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AST SpaceMobile

Institutional investors have recently added to or reduced their stakes in the stock. Fairfield Financial Advisors LTD acquired a new stake in AST SpaceMobile during the 3rd quarter worth $26,000. Hollencrest Capital Management acquired a new stake in AST SpaceMobile during the 3rd quarter worth $26,000. Rakuten Securities Inc. acquired a new stake in AST SpaceMobile during the 3rd quarter worth $68,000. Sunbelt Securities Inc. boosted its stake in AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company's stock worth $91,000 after purchasing an additional 3,380 shares during the last quarter. Finally, KBC Group NV acquired a new stake in AST SpaceMobile during the 3rd quarter worth $104,000. Institutional investors and hedge funds own 60.95% of the company's stock.

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.