AST SpaceMobile (NASDAQ:ASTS) Trading Up 2.2% - Here's Why

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shot up 2.2% during trading on Wednesday . The stock traded as high as $33.18 and last traded at $31.60. 4,784,423 shares traded hands during trading, a decline of 58% from the average session volume of 11,491,966 shares. The stock had previously closed at $30.90.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ASTS shares. Scotiabank dropped their price target 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. UBS Group increased 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. Finally, Cantor Fitzgerald assumed coverage on shares of AST SpaceMobile in a report on Thursday, February 6th. They set an "overweight" rating and a $30.00 target price for the company. 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 an average target price of $40.04.

AST SpaceMobile Trading Down 0.2 %

The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The stock has a market capitalization of $8.28 billion, a price-to-earnings ratio of -13.48 and a beta of 1.62. The business has a fifty day simple moving average of $23.96 and a 200 day simple moving average of $25.36.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently modified their holdings of ASTS. Hollencrest Capital Management bought a new stake in AST SpaceMobile in the 3rd quarter valued at about $26,000. Fairfield Financial Advisors LTD acquired a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Summit Securities Group LLC bought a new stake in shares of AST SpaceMobile in the fourth quarter valued at approximately $37,000. Golden State Wealth Management LLC bought a new stake in shares of AST SpaceMobile in the fourth quarter valued at approximately $46,000. Finally, CIBC Private Wealth Group LLC grew its position in AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock worth $53,000 after buying an additional 1,222 shares in the last quarter. 60.95% of the stock is currently 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.