AST SpaceMobile (NASDAQ:ASTS) Shares Up 5.9% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) shot up 5.9% during trading on Thursday . The company traded as high as $29.79 and last traded at $29.23. 4,823,911 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 11,295,948 shares. The stock had previously closed at $27.61.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ASTS. Cantor Fitzgerald began coverage on AST SpaceMobile in a research note on Thursday, February 6th. They set an “overweight” rating and a $30.00 target price for the company. Scotiabank lowered their target price on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a research note on Friday, January 24th. Finally, UBS Group increased their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, AST SpaceMobile currently has an average rating of “Buy” and an average target price of $40.04.

AST SpaceMobile Stock Up 10.0 %

The company has a market capitalization of $8.80 billion, a P/E ratio of -14.37 and a beta of 1.62. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average price is $22.92 and its two-hundred day moving average price is $24.70.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently made changes to their positions in the stock. Quinn Opportunity Partners LLC boosted its holdings in shares of AST SpaceMobile by 8.6% in the 4th quarter. Quinn Opportunity Partners LLC now owns 145,500 shares of the company’s stock valued at $3,070,000 after buying an additional 11,500 shares during the last quarter. Scotia Capital Inc. boosted its holdings in shares of AST SpaceMobile by 16.0% in the 4th quarter. Scotia Capital Inc. now owns 69,799 shares of the company’s stock valued at $1,473,000 after buying an additional 9,635 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of AST SpaceMobile in the 4th quarter valued at approximately $1,350,000. Advisory Services Network LLC acquired a new stake in shares of AST SpaceMobile in the 4th quarter valued at approximately $1,192,000. Finally, Invesco Ltd. boosted its holdings in shares of AST SpaceMobile by 34.0% in the 4th quarter. Invesco Ltd. now owns 70,667 shares of the company’s stock valued at $1,491,000 after buying an additional 17,925 shares during the last quarter. Institutional investors and hedge funds own 60.95% of the company’s stock.

AST SpaceMobile Company 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.