AST SpaceMobile (NASDAQ:ASTS) Trading 12.5% Higher - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s stock price rose 12.5% during mid-day trading on Monday . The stock traded as high as $25.64 and last traded at $25.32. Approximately 13,138,221 shares changed hands during trading, an increase of 32% from the average daily volume of 9,955,510 shares. The stock had previously closed at $22.51.

Analysts Set New Price Targets

Several research firms have commented on ASTS. Deutsche Bank Aktiengesellschaft increased their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. B. Riley raised their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, August 29th. UBS Group boosted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Finally, Scotiabank reduced their price objective on shares of AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating for the company in a research note on Friday, November 15th.

AST SpaceMobile Stock Up 12.5 %

The stock has a market cap of $7.34 billion, a price-to-earnings ratio of -11.94 and a beta of 1.60. The stock has a 50 day simple moving average of $24.72 and a 200 day simple moving average of $20.72. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Activity

In other AST SpaceMobile news, CTO Huiwen Yao sold 45,000 shares of the business's stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total value of $1,091,700.00. Following the completion of the transaction, the chief technology officer now owns 55,000 shares of the company's stock, valued at approximately $1,334,300. The trade was a 45.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of the business's stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $25.83, for a total value of $2,066,400.00. Following the transaction, the chief operating officer now owns 393,232 shares of the company's stock, valued at approximately $10,157,182.56. This trade represents a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,700 shares of company stock valued at $3,220,524 in the last three months. Company insiders own 41.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in AST SpaceMobile by 49.9% during the 1st quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company's stock valued at $19,325,000 after acquiring an additional 2,217,531 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in AST SpaceMobile in the 2nd quarter valued at approximately $278,000. 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 valued at $2,716,000 after buying an additional 60,530 shares during the last quarter. Algert Global LLC acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at $768,000. Finally, Americana Partners LLC acquired a new position in AST SpaceMobile during the third quarter worth $673,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.

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