AST SpaceMobile (NASDAQ:ASTS) Price Target Raised to $31.00 at UBS Group

AST SpaceMobile (NASDAQ:ASTS) had its target price upped by UBS Group from $30.00 to $31.00 in a report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

ASTS has been the topic of several other research reports. B. Riley increased their target price on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft increased their target price on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Scotiabank increased their target price on AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a report on Monday, August 26th.

AST SpaceMobile Price Performance

AST SpaceMobile stock traded down $2.57 during mid-day trading on Friday, hitting $24.23. 17,840,002 shares of the company were exchanged, compared to its average volume of 10,680,669. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83. The business has a fifty day moving average of $25.63 and a 200 day moving average of $18.30. AST SpaceMobile has a 1-year low of $1.97 and a 1-year high of $39.08. The company has a market capitalization of $6.53 billion, a PE ratio of -11.43 and a beta of 1.64.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to analyst estimates of $2.00 million. As a group, sell-side analysts expect that AST SpaceMobile will post -0.72 earnings per share for the current year.

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total value of $1,091,700.00. Following the transaction, the chief technology officer now owns 55,000 shares in the company, valued at $1,334,300. This trade represents a 45.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Adriana Cisneros purchased 4,934 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the acquisition, the director now owns 774,772 shares of the company’s stock, valued at $20,391,999.04. The trade was a 0.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 127,700 shares of company stock worth $3,220,524 over the last 90 days. Insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock valued at $19,325,000 after buying an additional 2,217,531 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in AST SpaceMobile in the second quarter valued at about $278,000. Van ECK Associates Corp lifted its stake in AST SpaceMobile by 141.1% in the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock valued at $2,716,000 after buying an additional 60,530 shares during the period. Americana Partners LLC acquired a new stake in shares of AST SpaceMobile during the third quarter worth about $673,000. Finally, Oppenheimer & Co. Inc. raised its position in shares of AST SpaceMobile by 6.0% during the third quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock worth $22,125,000 after purchasing an additional 47,600 shares during the period. Institutional investors and hedge funds 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.