AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 1.3% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares shot up 1.3% during mid-day trading on Wednesday . The company traded as high as $25.44 and last traded at $25.11. 1,339,515 shares changed hands during trading, a decline of 87% from the average session volume of 10,419,642 shares. The stock had previously closed at $24.78.

Analyst Ratings Changes

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

AST SpaceMobile Trading Down 1.5 %

The stock has a market cap of $6.66 billion, a PE ratio of -10.85 and a beta of 1.60. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $24.68 and a two-hundred day simple moving average of $21.62.

Insider Buying and Selling

In related news, President Scott Wisniewski sold 2,700 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the completion of the transaction, the president now directly owns 712,660 shares in the company, valued at approximately $16,476,699.20. The trade was a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Huiwen Yao sold 45,000 shares of the stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total value of $1,091,700.00. Following the completion of the transaction, the chief technology officer now directly owns 55,000 shares in the company, valued at approximately $1,334,300. This represents a 45.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,700 shares of company stock worth $3,220,524. 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. Fairfield Financial Advisors LTD purchased a new stake in AST SpaceMobile in the third quarter worth approximately $26,000. Hollencrest Capital Management bought a new stake in shares of AST SpaceMobile in the 3rd quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new stake in shares of AST SpaceMobile in the 3rd quarter valued at $68,000. Sunbelt Securities Inc. grew its holdings in shares of AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock valued at $91,000 after purchasing an additional 3,380 shares during the last quarter. Finally, KBC Group NV bought a new position in shares of AST SpaceMobile during the 3rd quarter valued at $104,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.