AST SpaceMobile (NASDAQ:ASTS) Shares Up 0.7% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) rose 0.7% during trading on Friday . The company traded as high as $23.29 and last traded at $23.16. Approximately 2,935,548 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 10,397,236 shares. The stock had previously closed at $23.00.

Analyst Upgrades and Downgrades

ASTS has been the subject of several recent analyst reports. UBS Group upped their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. B. Riley increased their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Scotiabank lowered their price target on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th.

AST SpaceMobile Stock Up 1.7 %

The company’s 50 day simple moving average is $24.68 and its 200-day simple moving average is $21.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a market capitalization of $6.78 billion, a PE ratio of -11.04 and a beta of 1.60.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, President Scott Wisniewski sold 2,700 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $23.12, for a total transaction of $62,424.00. Following the sale, the president now owns 712,660 shares in the company, valued at $16,476,699.20. This trade represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of AST SpaceMobile stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the sale, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. This trade represents a 16.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 127,700 shares of company stock valued at $3,220,524. Company insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of large investors have recently modified their holdings of the company. Privium Fund Management B.V. bought a new position in AST SpaceMobile during the third quarter valued at approximately $21,476,000. Oppenheimer & Co. Inc. bought a new position in shares of AST SpaceMobile during the 2nd quarter valued at $9,270,000. Charles Schwab Investment Management Inc. grew its holdings in shares of AST SpaceMobile by 228.9% during 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 last quarter. Renaissance Technologies LLC purchased a new position in AST SpaceMobile in the 2nd quarter worth $4,757,000. Finally, State Street Corp lifted its stake in 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 purchasing an additional 399,713 shares during the last quarter. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.