AST SpaceMobile (NASDAQ:ASTS) Trading 6.5% Higher - Here's Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) rose 6.5% during mid-day trading on Monday . The company traded as high as $28.25 and last traded at $27.38. Approximately 3,673,867 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 12,121,258 shares. The stock had previously closed at $25.71.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Scotiabank reaffirmed an "outperform" rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, UBS Group boosted their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $42.98.

AST SpaceMobile Price Performance

The stock has a market capitalization of $7.61 billion, a P/E ratio of -11.35 and a beta of 1.62. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The business's 50 day simple moving average is $26.45 and its two-hundred day simple moving average is $25.15.

Insiders Place Their Bets

In other news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now owns 52,628 shares of the company's stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 41.80% of the company's stock.

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Institutional Investors Weigh In On AST SpaceMobile

Several institutional investors and hedge funds have recently bought and sold shares of ASTS. Vanguard Group Inc. increased its position in AST SpaceMobile by 49.4% during the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock valued at $316,233,000 after buying an additional 4,955,941 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in AST SpaceMobile in the fourth quarter worth about $59,523,000. Charles Schwab Investment Management Inc. increased its stake in shares of AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company's stock worth $29,594,000 after purchasing an additional 787,566 shares in the last quarter. State Street Corp raised its stake in AST SpaceMobile by 14.8% during the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company's stock valued at $80,845,000 after purchasing an additional 399,713 shares during the period. Finally, Geode Capital Management LLC lifted its stake in AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company's stock worth $85,450,000 after purchasing an additional 281,749 shares in the last quarter. Hedge funds and other institutional investors own 60.95% of the company's stock.

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.