AST SpaceMobile (NASDAQ:ASTS) Trading Up 14.5% Following Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was up 14.5% on Wednesday after UBS Group raised their price target on the stock from $31.00 to $38.00. UBS Group currently has a buy rating on the stock. AST SpaceMobile traded as high as $32.91 and last traded at $32.77. Approximately 11,653,793 shares changed hands during trading, a decline of 4% from the average daily volume of 12,194,281 shares. The stock had previously closed at $28.61.

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

Institutional Trading of AST SpaceMobile

Several large investors have recently added to or reduced their stakes in ASTS. Vanguard Group Inc. lifted its stake in shares of AST SpaceMobile by 49.4% in the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock valued at $316,233,000 after purchasing an additional 4,955,941 shares during the last quarter. Geode Capital Management LLC raised its holdings in AST SpaceMobile by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock valued at $73,801,000 after buying an additional 229,759 shares in the last quarter. State Street Corp lifted its position in shares of AST SpaceMobile by 14.8% in the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after buying an additional 399,713 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of AST SpaceMobile during the 4th quarter worth about $59,523,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of AST SpaceMobile by 11.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock valued at $26,728,000 after acquiring an additional 135,008 shares during the last quarter. 60.95% of the stock is owned by institutional investors.

AST SpaceMobile Price Performance

The stock has a 50 day moving average of $24.72 and a two-hundred day moving average of $25.58. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a market capitalization of $9.32 billion, a P/E ratio of -15.18 and a beta of 1.62.

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.