AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 2.2% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares rose 2.2% during mid-day trading on Wednesday . The stock traded as high as $33.18 and last traded at $31.60. Approximately 4,784,423 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 11,491,966 shares. The stock had previously closed at $30.90.

Analyst Ratings Changes

ASTS has been the subject of several recent analyst reports. Cantor Fitzgerald initiated coverage on AST SpaceMobile in a research report on Thursday, February 6th. They issued an "overweight" rating and a $30.00 price target for the company. UBS Group lifted their price target on AST SpaceMobile from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Finally, Scotiabank lowered their price target on 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. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $40.04.

AST SpaceMobile Trading Down 9.5 %

The stock has a 50-day simple moving average of $23.87 and a two-hundred day simple moving average of $25.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a market cap of $8.30 billion, a PE ratio of -13.51 and a beta of 1.62.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently bought and sold shares of the business. Amalgamated Bank increased its position in shares of AST SpaceMobile by 17.4% during the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company's stock valued at $120,000 after purchasing an additional 679 shares during the last quarter. Xponance Inc. increased its position in shares of AST SpaceMobile by 8.7% during the 4th quarter. Xponance Inc. now owns 9,676 shares of the company's stock valued at $204,000 after purchasing an additional 772 shares during the last quarter. Hollencrest Capital Management purchased a new stake in shares of AST SpaceMobile during the 3rd quarter valued at about $26,000. Fairfield Financial Advisors LTD purchased a new stake in shares of AST SpaceMobile during the 3rd quarter valued at about $26,000. Finally, CIBC Private Wealth Group LLC increased its position in shares of AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after purchasing an additional 1,222 shares during the last quarter. Hedge funds and other institutional investors 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.