AST SpaceMobile (NASDAQ:ASTS) Shares Gap Up on Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS) gapped up prior to trading on Wednesday after UBS Group raised their price target on the stock from $31.00 to $38.00. The stock had previously closed at $28.61, but opened at $30.12. UBS Group currently has a buy rating on the stock. AST SpaceMobile shares last traded at $32.32, with a volume of 6,090,210 shares changing hands.

A number of other equities analysts have also weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday. Scotiabank boosted their price target on shares of AST SpaceMobile from $40.20 to $47.90 and gave the stock a “sector outperform” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AST SpaceMobile presently has a consensus rating of “Buy” and an average target price of $42.98.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management purchased a new position in AST SpaceMobile during the third quarter worth about $26,000. Summit Securities Group LLC purchased a new stake in shares of AST SpaceMobile in the 4th quarter valued at approximately $37,000. Bernard Wealth Management Corp. purchased a new stake in shares of AST SpaceMobile in the 4th quarter valued at approximately $42,000. Golden State Wealth Management LLC purchased a new stake in shares of AST SpaceMobile in the 4th quarter valued at approximately $46,000. Finally, CIBC Private Wealth Group LLC raised its stake in shares of AST SpaceMobile by 106.3% in the 4th 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 during the period. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Stock Down 4.8 %

The business’s 50 day moving average price is $24.72 and its 200-day moving average price is $25.58. The firm has a market capitalization of $9.32 billion, a PE ratio of -15.18 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

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.