AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 0.8% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price was up 0.8% during mid-day trading on Monday . The company traded as high as $24.45 and last traded at $24.00. Approximately 1,749,268 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 10,567,458 shares. The stock had previously closed at $23.81.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ASTS shares. UBS Group increased their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th. Scotiabank cut their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft upped their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, B. Riley lifted their price target on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 29th.

AST SpaceMobile Trading Down 0.9 %

The firm has a market capitalization of $6.83 billion, a PE ratio of -11.43 and a beta of 1.64. The business has a fifty day moving average price of $24.91 and a two-hundred day moving average price of $20.06. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Buying and Selling at AST SpaceMobile

In other news, COO Shanti B. Gupta sold 80,000 shares of AST SpaceMobile stock in a transaction on Monday, September 30th. The shares were sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the completion of the sale, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. The trade was a 16.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Adriana Cisneros bought 4,934 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost of $26.32 per share, for a total transaction of $129,862.88. Following the acquisition, the director now directly 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 sold a total of 127,700 shares of company stock worth $3,220,524 over the last three months. Insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position 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 acquiring an additional 2,217,531 shares during the last quarter. Geode Capital Management LLC increased its position in shares of AST SpaceMobile by 9.4% during the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after purchasing an additional 281,749 shares in the last quarter. State Street Corp lifted its holdings in shares of 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 purchasing an additional 399,713 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of AST SpaceMobile by 228.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after purchasing an additional 787,566 shares during the period. Finally, Oppenheimer & Co. Inc. grew its stake in AST SpaceMobile by 6.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock worth $22,125,000 after buying an additional 47,600 shares during the last quarter. 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.