AST SpaceMobile (NASDAQ:ASTS) Trading 7.6% Higher – Here’s Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) rose 7.6% on Tuesday . The company traded as high as $28.20 and last traded at $27.56. Approximately 10,510,691 shares changed hands during trading, a decline of 11% from the average daily volume of 11,867,445 shares. The stock had previously closed at $25.62.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ASTS shares. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday. UBS Group raised their price objective 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. Finally, Scotiabank cut their target price on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating on the stock in a research note on Friday, January 24th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $40.04.

AST SpaceMobile Stock Up 11.7 %

The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of -13.50 and a beta of 1.62. 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 company’s 50 day moving average price is $24.26 and its 200 day moving average price is $25.49.

Institutional Trading of AST SpaceMobile

Large investors have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new position in AST SpaceMobile in the third quarter valued at approximately $26,000. Summit Securities Group LLC acquired a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $37,000. Bernard Wealth Management Corp. purchased a new position in shares of AST SpaceMobile during the 4th quarter valued at approximately $42,000. Golden State Wealth Management LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter valued at about $46,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after buying an additional 1,222 shares during the last quarter. 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.