AST SpaceMobile (NASDAQ:ASTS) Trading Up 0.8% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shot up 0.8% during trading on Monday . The company traded as high as $24.45 and last traded at $24.00. 1,749,268 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 10,567,458 shares. The stock had previously closed at $23.81.

Analysts Set New Price Targets

ASTS has been the subject of a number of research analyst reports. UBS Group boosted their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. B. Riley increased 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. Finally, Scotiabank cut their price objective on shares of AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating on the stock in a report on Friday, November 15th.

AST SpaceMobile Stock Down 0.9 %

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 firm has a market capitalization of $6.83 billion, a PE ratio of -11.43 and a beta of 1.64. The company's fifty day simple moving average is $24.91 and its 200-day simple moving average is $20.06.

Insider Activity at AST SpaceMobile

In other news, Director Adriana Cisneros purchased 4,934 shares of the company's stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the purchase, the director now owns 774,772 shares in the company, valued at $20,391,999.04. This trade represents a 0.64 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Scott Wisniewski sold 2,700 shares of the company's stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the completion of the sale, the president now owns 712,660 shares in the company, valued at approximately $16,476,699.20. This represents a 0.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,700 shares of company stock valued at $3,220,524 in the last ninety days. Corporate insiders own 41.80% of the company's stock.

Institutional Trading of AST SpaceMobile

Several large investors have recently made changes to their positions in ASTS. Amalgamated Bank lifted its holdings in shares of AST SpaceMobile by 17.4% in the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company's stock valued at $120,000 after buying an additional 679 shares during the period. Victory Capital Management Inc. lifted its holdings in AST SpaceMobile by 5.5% in the second quarter. Victory Capital Management Inc. now owns 15,542 shares of the company's stock valued at $180,000 after acquiring an additional 814 shares during the period. Fairfield Financial Advisors LTD purchased a new stake in AST SpaceMobile in the 3rd quarter worth approximately $26,000. Hollencrest Capital Management purchased a new position in shares of AST SpaceMobile during the 3rd quarter valued at approximately $26,000. Finally, Calton & Associates Inc. lifted its stake in shares of AST SpaceMobile by 14.5% in the 3rd quarter. Calton & Associates Inc. now owns 12,600 shares of the company's stock valued at $329,000 after purchasing an additional 1,600 shares during the period. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.

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