Brokerages Set AST SpaceMobile, Inc. (NASDAQ:ASTS) Price Target at $42.98

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) have earned a consensus recommendation of “Buy” from the six brokerages that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $42.82.

Several equities research analysts have recently commented on ASTS shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Roth Capital started coverage on shares of AST SpaceMobile in a research note on Thursday. They set a “buy” rating and a $42.00 price objective for the company. UBS Group lifted their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Finally, Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th.

AST SpaceMobile Stock Up 0.6 %

ASTS stock opened at $23.28 on Thursday. The firm has a market cap of $7.37 billion, a PE ratio of -10.98 and a beta of 1.81. AST SpaceMobile has a 12 month low of $1.99 and a 12 month high of $39.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The firm has a 50 day simple moving average of $26.82 and a 200 day simple moving average of $24.71.

Insider Buying and Selling

In related news, Director Julio A. Torres sold 20,000 shares of the 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 sale, the director now directly owns 52,628 shares in the company, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 41.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ASTS. FMR LLC grew its stake in shares of AST SpaceMobile by 230.5% in the 3rd quarter. FMR LLC now owns 39,638 shares of the company’s stock valued at $1,037,000 after buying an additional 27,644 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in AST SpaceMobile in the third quarter worth approximately $4,819,000. HighTower Advisors LLC increased its stake in shares of AST SpaceMobile by 30.0% during the 3rd quarter. HighTower Advisors LLC now owns 23,343 shares of the company’s stock worth $610,000 after purchasing an additional 5,392 shares during the last quarter. State Street Corp raised its holdings in shares of AST SpaceMobile by 14.8% during the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after purchasing an additional 399,713 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock valued at $85,450,000 after purchasing an additional 281,749 shares during the last quarter. 60.95% of the stock is owned by institutional investors and hedge funds.

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.