AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 14.5% Following Analyst Upgrade

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) traded up 14.5% during trading on Wednesday after UBS Group raised their price target on the stock from $31.00 to $38.00. UBS Group currently has a buy rating on the stock. AST SpaceMobile traded as high as $32.91 and last traded at $32.77. 11,653,793 shares traded hands during trading, a decline of 4% from the average session volume of 12,194,281 shares. The stock had previously closed at $28.61.

A number of other equities analysts have also recently commented on ASTS. Scotiabank lifted their price objective on shares of AST SpaceMobile from $40.20 to $47.90 and gave the stock a "sector outperform" rating in a research report on Wednesday. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $42.98.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank lifted its holdings in shares of AST SpaceMobile by 17.4% during the third quarter. Amalgamated Bank now owns 4,578 shares of the company's stock worth $120,000 after buying an additional 679 shares in the last quarter. Xponance Inc. lifted its holdings in shares of AST SpaceMobile by 8.7% during the fourth quarter. Xponance Inc. now owns 9,676 shares of the company's stock worth $204,000 after buying an additional 772 shares in the last quarter. Hollencrest Capital Management acquired a new stake in shares of AST SpaceMobile during the third quarter worth $26,000. CIBC Private Wealth Group LLC lifted its holdings in shares of AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock worth $53,000 after buying an additional 1,222 shares in the last quarter. Finally, Americana Partners LLC lifted its holdings in shares of AST SpaceMobile by 5.2% during the fourth quarter. Americana Partners LLC now owns 27,047 shares of the company's stock worth $571,000 after buying an additional 1,326 shares in the last quarter. Institutional investors and hedge funds own 60.95% of the company's stock.

Remove Ads

AST SpaceMobile Stock Performance

The firm has a market cap of $9.68 billion, a price-to-earnings ratio of -15.75 and a beta of 1.62. The stock has a 50 day moving average of $24.93 and a 200 day moving average of $25.48. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

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.