AST SpaceMobile (NASDAQ:ASTS) Trading Up 0.3% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shot up 0.3% during trading on Friday . The stock traded as high as $30.75 and last traded at $30.13. 3,903,906 shares changed hands during trading, a decline of 66% from the average session volume of 11,322,771 shares. The stock had previously closed at $30.05.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Scotiabank cut their price target on AST SpaceMobile from $44.70 to $40.20 and set a "sector outperform" rating for the company in a report on Friday, January 24th. UBS Group lifted their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Finally, Cantor Fitzgerald started coverage on shares of AST SpaceMobile in a research note on Thursday, February 6th. They issued an "overweight" rating and a $30.00 price target on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, AST SpaceMobile currently has a consensus rating of "Buy" and an average target price of $40.04.

AST SpaceMobile Trading Up 0.9 %

The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The firm has a market capitalization of $9.03 billion, a P/E ratio of -14.70 and a beta of 1.62. The business's 50-day moving average is $23.61 and its 200 day moving average is $25.12.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new stake in AST SpaceMobile during the third quarter worth approximately $26,000. Fairfield Financial Advisors LTD acquired a new position in AST SpaceMobile in the third quarter valued at about $26,000. Summit Securities Group LLC bought a new stake in AST SpaceMobile during the fourth quarter worth about $37,000. Golden State Wealth Management LLC acquired a new stake in AST SpaceMobile during the fourth quarter worth about $46,000. Finally, CIBC Private Wealth Group LLC increased its holdings in AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after buying an additional 1,222 shares during the period. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.