AST SpaceMobile (NASDAQ:ASTS) Trading 6.6% Higher – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded up 6.6% during mid-day trading on Friday . The stock traded as high as $23.12 and last traded at $23.06. 2,011,088 shares changed hands during trading, a decline of 33% from the average session volume of 2,979,404 shares. The stock had previously closed at $21.64.

Wall Street Analysts Forecast Growth

ASTS has been the topic of several research reports. Scotiabank lowered their target price on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a report on Friday, November 15th. UBS Group boosted their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

AST SpaceMobile Stock Performance

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average price of $23.90 and a two-hundred day moving average price of $22.55. The company has a market capitalization of $6.86 billion, a price-to-earnings ratio of -11.17 and a beta of 1.60.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, CTO Huiwen Yao sold 45,000 shares of the stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the transaction, the chief technology officer now owns 55,000 shares of the company’s stock, valued at $1,334,300. This represents a 45.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 41.80% of the stock is owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors have recently added to or reduced their stakes in ASTS. JPMorgan Chase & Co. grew its holdings in AST SpaceMobile by 235.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock valued at $6,479,000 after buying an additional 174,007 shares during the period. Sunbelt Securities Inc. grew its holdings in AST SpaceMobile by 3,380.0% in the third 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 period. Geode Capital Management LLC increased its position in 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 during the last quarter. K2 Principal Fund L.P. purchased a new position in AST SpaceMobile during the third quarter worth approximately $232,000. Finally, Weiss Asset Management LP acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at $1,308,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.