AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 8.3% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares traded up 8.3% during mid-day trading on Monday . The stock traded as high as $22.86 and last traded at $21.73. 10,168,063 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 12,147,558 shares. The stock had previously closed at $20.07.

Wall Street Analysts Forecast Growth

ASTS has been the topic of a number of recent research reports. Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, UBS Group lifted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, AST SpaceMobile currently has an average rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Trading Up 6.3 %

The business has a 50-day moving average of $26.53 and a 200-day moving average of $24.84. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of -10.06 and a beta of 1.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Transactions at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The shares were 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 owns 52,628 shares in the company, valued at $1,617,258.44. This represents a 27.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Several hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its stake in AST SpaceMobile by 60.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,400 shares of the company’s stock valued at $2,155,000 after acquiring an additional 31,191 shares during the last quarter. FMR LLC raised its stake in shares of AST SpaceMobile by 230.5% during the third quarter. FMR LLC now owns 39,638 shares of the company’s stock worth $1,037,000 after purchasing an additional 27,644 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of AST SpaceMobile during the third quarter worth $4,819,000. HighTower Advisors LLC grew its position in AST SpaceMobile by 30.0% in the 3rd quarter. HighTower Advisors LLC now owns 23,343 shares of the company’s stock valued at $610,000 after buying an additional 5,392 shares during the last quarter. Finally, State Street Corp increased its stake in AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after buying an additional 399,713 shares during the period. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.