AST SpaceMobile (NASDAQ:ASTS) Shares Up 3% – Time to Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were up 3% on Friday . The stock traded as high as $24.18 and last traded at $23.98. Approximately 1,687,982 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 10,594,735 shares. The stock had previously closed at $23.29.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ASTS. Scotiabank cut their target price on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. B. Riley lifted their price target on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, UBS Group increased their price objective on 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 Up 1.2 %

The stock has a 50-day moving average of $25.07 and a 200-day moving average of $19.64. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of -11.31 and a beta of 1.64.

Insider Buying and Selling

In other news, CTO Huiwen Yao sold 45,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. This represents a 45.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Adriana Cisneros acquired 4,934 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $26.32 per share, for a total transaction of $129,862.88. Following the completion of the purchase, the director now directly owns 774,772 shares of the company’s stock, valued at $20,391,999.04. The trade was a 0.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 127,700 shares of company stock worth $3,220,524. Company insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of large investors have recently modified their holdings of ASTS. Fairfield Financial Advisors LTD bought a new stake in shares of AST SpaceMobile during the 3rd quarter worth $26,000. Hollencrest Capital Management acquired a new position in AST SpaceMobile during the third quarter worth about $26,000. Rakuten Securities Inc. bought a new position in shares of AST SpaceMobile in the third quarter worth about $68,000. Sunbelt Securities Inc. boosted its stake in shares of AST SpaceMobile by 3,380.0% in the 3rd 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 in the last quarter. Finally, KBC Group NV bought a new stake in shares of AST SpaceMobile during the 3rd quarter valued at approximately $104,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.