AST SpaceMobile (NASDAQ:ASTS) Trading Up 6.8% - Here's What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price shot up 6.8% during trading on Monday . The company traded as high as $32.47 and last traded at $32.10. 13,985,242 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 11,050,126 shares. The stock had previously closed at $30.05.

Analyst Upgrades and Downgrades

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

AST SpaceMobile Stock Up 1.3 %

The firm has a 50-day moving average of $23.77 and a 200 day moving average of $25.17. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of -14.89 and a beta of 1.62. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Hedge Funds Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Amalgamated Bank increased its holdings in AST SpaceMobile by 17.4% during the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company's stock worth $120,000 after purchasing an additional 679 shares during the last quarter. Xponance Inc. increased its holdings in AST SpaceMobile by 8.7% during the 4th quarter. Xponance Inc. now owns 9,676 shares of the company's stock worth $204,000 after purchasing an additional 772 shares during the last quarter. Fairfield Financial Advisors LTD purchased a new stake in AST SpaceMobile during the 3rd quarter worth approximately $26,000. Hollencrest Capital Management purchased a new stake in AST SpaceMobile during the 3rd quarter worth approximately $26,000. Finally, CIBC Private Wealth Group LLC increased its holdings in AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock worth $53,000 after purchasing an additional 1,222 shares during the last quarter. 60.95% of the stock is owned by institutional investors and hedge funds.

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.