AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 7.6% - Time to Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shot up 7.6% during mid-day trading on Tuesday . The company traded as high as $28.20 and last traded at $27.56. 10,510,691 shares were traded during mid-day trading, a decline of 11% from the average session volume of 11,867,445 shares. The stock had previously closed at $25.62.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ASTS. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday. Scotiabank increased their price target 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. Finally, UBS Group increased their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, AST SpaceMobile has a consensus rating of "Buy" and an average target price of $42.98.

AST SpaceMobile Stock Up 3.8 %

The business has a fifty day moving average of $24.72 and a 200 day moving average of $25.58. The stock has a market cap of $9.68 billion, a price-to-earnings ratio of -15.75 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in AST SpaceMobile by 235.9% in the third quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company's stock worth $6,479,000 after buying an additional 174,007 shares during the last quarter. Van ECK Associates Corp increased its holdings in AST SpaceMobile by 141.1% in the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company's stock worth $2,716,000 after buying an additional 60,530 shares during the last quarter. Algert Global LLC acquired a new position in AST SpaceMobile in the third quarter worth approximately $768,000. Handelsbanken Fonder AB acquired a new position in AST SpaceMobile during the fourth quarter valued at approximately $755,000. Finally, Oppenheimer & Co. Inc. grew its holdings in AST SpaceMobile by 6.0% during the third quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company's stock valued at $22,125,000 after purchasing an additional 47,600 shares during the last quarter. Institutional investors and hedge funds own 60.95% of the company's stock.

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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.