AST SpaceMobile (NASDAQ:ASTS) Shares Up 8.1% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares shot up 8.1% during mid-day trading on Monday . The company traded as high as $23.99 and last traded at $23.77. 3,934,967 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 10,523,589 shares. The stock had previously closed at $21.99.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ASTS shares. UBS Group raised their price objective on AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Scotiabank lifted their price target on shares of AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th. B. Riley upped their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th.

AST SpaceMobile Trading Up 15.0 %

The firm’s 50 day moving average is $25.80 and its 200 day moving average is $18.01. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.05. The firm had revenue of $0.90 million during the quarter, compared to analysts’ expectations of $2.00 million. On average, analysts anticipate that AST SpaceMobile, Inc. will post -0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AST SpaceMobile news, CTO Huiwen Yao sold 45,000 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were 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 directly owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AST SpaceMobile news, Director Adriana Cisneros bought 4,934 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were purchased at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the acquisition, the director now owns 774,772 shares in the company, valued at approximately $20,391,999.04. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Huiwen Yao sold 45,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief technology officer now directly owns 55,000 shares in the company, valued at $1,334,300. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,700 shares of company stock valued at $3,220,524 over the last ninety days. 41.80% of the stock is owned by insiders.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC boosted its holdings in shares of AST SpaceMobile by 209.9% during the 1st quarter. Janus Henderson Group PLC now owns 7,450,467 shares of the company’s stock valued at $21,606,000 after acquiring an additional 5,046,667 shares during the last quarter. Vanguard Group Inc. boosted its holdings in AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock worth $19,325,000 after purchasing an additional 2,217,531 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in AST SpaceMobile by 228.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after buying an additional 787,566 shares during the last quarter. Masters Capital Management LLC bought a new position in shares of AST SpaceMobile during the 1st quarter valued at $2,900,000. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of 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 buying an additional 47,600 shares during the last quarter. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.