Summit Securities Group LLC Makes New $37,000 Investment in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Summit Securities Group LLC acquired a new stake in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,775 shares of the company’s stock, valued at approximately $37,000.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in AST SpaceMobile by 49.4% during the 4th quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock worth $316,233,000 after purchasing an additional 4,955,941 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after buying an additional 787,566 shares during the period. State Street Corp grew its holdings in shares of AST SpaceMobile by 14.8% during the third 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 last quarter. Geode Capital Management LLC increased its position in shares of AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock valued at $85,450,000 after acquiring an additional 281,749 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in AST SpaceMobile by 57.6% in the 4th quarter. Bank of New York Mellon Corp now owns 641,678 shares of the company’s stock worth $13,539,000 after acquiring an additional 234,517 shares during the last quarter. Institutional investors and hedge funds own 60.95% of the company’s stock.

AST SpaceMobile Stock Performance

Shares of ASTS stock opened at $24.06 on Monday. AST SpaceMobile, Inc. has a 52-week low of $1.97 and a 52-week high of $39.08. 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 market cap of $7.61 billion, a PE ratio of -11.35 and a beta of 1.62. The business has a 50-day simple moving average of $26.45 and a 200-day simple moving average of $25.13.

Insider Activity at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of the firm’s 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 sale, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 41.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Finally, UBS Group raised their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $42.98.

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.