SouthState Corp Invests $799,000 in AST SpaceMobile, Inc. (NASDAQ:ASTS)

SouthState Corp purchased a new position in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,542 shares of the company's stock, valued at approximately $799,000.

Other hedge funds also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in AST SpaceMobile by 209.9% in the first quarter. Janus Henderson Group PLC now owns 7,450,467 shares of the company's stock valued at $21,606,000 after buying an additional 5,046,667 shares during the last quarter. Vanguard Group Inc. lifted its stake in AST SpaceMobile by 49.9% during the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company's stock worth $19,325,000 after purchasing an additional 2,217,531 shares during the last quarter. Masters Capital Management LLC acquired a new position in AST SpaceMobile in the first quarter valued at approximately $2,900,000. Oppenheimer & Co. Inc. grew its position in shares of AST SpaceMobile by 6.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company's stock valued at $22,125,000 after buying an additional 47,600 shares during the last quarter. Finally, Privium Fund Management B.V. purchased a new stake in shares of AST SpaceMobile in the 3rd quarter valued at about $21,476,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ASTS shares. B. Riley raised their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, August 29th. UBS Group boosted their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft raised their price target on AST SpaceMobile from $22.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Finally, Scotiabank cut their price objective on AST SpaceMobile from $45.90 to $44.70 and set a "sector outperform" rating for the company in a research report on Friday, November 15th.

AST SpaceMobile Price Performance

Shares of ASTS traded down $2.55 on Wednesday, reaching $23.59. The stock had a trading volume of 9,293,887 shares, compared to its average volume of 10,677,141. AST SpaceMobile, Inc. has a twelve month low of $1.97 and a twelve month high of $39.08. The firm has a market capitalization of $6.35 billion, a PE ratio of -11.13 and a beta of 1.64. The firm has a 50-day moving average of $25.54 and a 200 day moving average of $18.89. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Buying and Selling at AST SpaceMobile

In other news, Director Adriana Cisneros acquired 4,934 shares of AST SpaceMobile stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average price of $26.32 per share, with a total value of $129,862.88. Following the completion of the purchase, the director now owns 774,772 shares of the company's stock, valued at approximately $20,391,999.04. This represents a 0.64 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of the firm's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the sale, the chief operating officer now owns 393,232 shares in the company, valued at $10,157,182.56. This trade represents a 16.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,700 shares of company stock worth $3,220,524. 41.80% of the stock is owned by insiders.

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.