AST SpaceMobile (NASDAQ:ASTS) Shares Gap Up on Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares gapped up prior to trading on Wednesday after Scotiabank raised their price target on the stock from $40.20 to $47.90. The stock had previously closed at $28.61, but opened at $30.12. Scotiabank currently has a sector outperform rating on the stock. AST SpaceMobile shares last traded at $32.32, with a volume of 6,090,210 shares.

A number of other analysts have also recently commented on ASTS. UBS Group boosted their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $41.58.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position in AST SpaceMobile by 235.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock valued at $6,479,000 after purchasing an additional 174,007 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of AST SpaceMobile by 141.1% in the third quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock worth $2,716,000 after buying an additional 60,530 shares in the last quarter. Algert Global LLC purchased a new stake in shares of AST SpaceMobile during the third quarter valued at approximately $768,000. Handelsbanken Fonder AB bought a new stake in shares of AST SpaceMobile during the fourth quarter valued at approximately $755,000. Finally, Oppenheimer & Co. Inc. raised its holdings in AST SpaceMobile by 6.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock worth $22,125,000 after acquiring an additional 47,600 shares during the last quarter. 60.95% of the stock is currently owned by institutional investors.

AST SpaceMobile Price Performance

The firm has a 50-day moving average of $24.36 and a 200-day moving average of $25.47. 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 $9.27 billion, a P/E ratio of -15.30 and a beta of 1.62.

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.