AST SpaceMobile (NASDAQ:ASTS) Trading Up 14.5% on Analyst Upgrade

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shot up 14.5% 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 were traded during mid-day 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 weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday. Scotiabank increased their price objective on shares of AST SpaceMobile from $40.20 to $47.90 and gave the company a "sector outperform" rating in a report on Wednesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $42.98.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new stake in AST SpaceMobile in the fourth quarter worth $42,000. First Heartland Consultants Inc. increased its holdings in shares of AST SpaceMobile by 42.3% in the 4th quarter. First Heartland Consultants Inc. now owns 14,499 shares of the company's stock worth $306,000 after buying an additional 4,311 shares during the last quarter. PharVision Advisers LLC purchased a new stake in shares of AST SpaceMobile during the 4th quarter valued at about $541,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of AST SpaceMobile by 49.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,810 shares of the company's stock valued at $5,820,000 after buying an additional 91,536 shares in the last quarter. Finally, Twinbeech Capital LP bought a new position in shares of AST SpaceMobile in the 4th quarter valued at about $4,684,000. 60.95% of the stock is currently owned by institutional investors.

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AST SpaceMobile Trading Up 3.8 %

The company has a 50-day moving average of $24.72 and a 200 day moving average of $25.58. 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 company has a market cap of $9.68 billion, a PE ratio of -15.75 and a beta of 1.62.

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.