Independent Advisor Alliance Purchases New Shares in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Independent Advisor Alliance acquired a new position in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 10,028 shares of the company's stock, valued at approximately $212,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in shares of AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company's stock worth $85,450,000 after acquiring an additional 281,749 shares during the period. State Street Corp lifted its stake in shares of AST SpaceMobile by 14.8% in the third quarter. State Street Corp now owns 3,091,577 shares of the company's stock worth $80,845,000 after acquiring an additional 399,713 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of AST SpaceMobile by 11.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock worth $26,728,000 after acquiring an additional 135,008 shares during the period. Oppenheimer & Co. Inc. lifted its stake in AST SpaceMobile by 0.9% in the fourth quarter. Oppenheimer & Co. Inc. now owns 854,063 shares of the company's stock valued at $18,021,000 after buying an additional 7,991 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in AST SpaceMobile by 57.6% in the fourth quarter. Bank of New York Mellon Corp now owns 641,678 shares of the company's stock valued at $13,539,000 after buying an additional 234,517 shares during the period. 60.95% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other news, Director Julio A. Torres sold 20,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the sale, the director now owns 52,628 shares in the company, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 41.80% of the company's stock.

Wall Street Analysts Forecast Growth

ASTS has been the topic of several recent analyst reports. UBS Group boosted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Finally, Scotiabank reissued an "outperform" rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, AST SpaceMobile currently has an average rating of "Buy" and a consensus price target of $42.98.

AST SpaceMobile Stock Up 4.1 %

Shares of NASDAQ ASTS traded up $1.02 during midday trading on Friday, hitting $25.71. 6,767,567 shares of the stock traded hands, compared to its average volume of 12,009,553. The company has a market cap of $8.14 billion, a PE ratio of -12.13 and a beta of 1.62. AST SpaceMobile, Inc. has a one year low of $1.97 and a one year high of $39.08. The business has a 50 day moving average price of $25.84 and a two-hundred day moving average price of $25.18. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

AST SpaceMobile 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.