AST SpaceMobile (NASDAQ:ASTS) Shares Up 2.2% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price shot up 2.2% on Friday . The stock traded as high as $24.95 and last traded at $25.22. 2,133,858 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 11,927,525 shares. The stock had previously closed at $24.69.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ASTS. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Finally, UBS Group increased their price objective on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, AST SpaceMobile has a consensus rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Stock Performance

The firm has a 50-day moving average price of $25.84 and a 200 day moving average price of $25.18. The firm has a market capitalization of $8.14 billion, a PE ratio of -12.13 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.

Insider Transactions at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Summit Securities Group LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at $37,000. Bernard Wealth Management Corp. acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at $42,000. Golden State Wealth Management LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at $46,000. CIBC Private Wealth Group LLC raised its stake in shares of AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after acquiring an additional 1,222 shares in the last quarter. Finally, AlphaQuest LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at $67,000. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.