AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 1.8% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) traded up 1.8% on Wednesday . The company traded as high as $24.95 and last traded at $23.82. 3,050,916 shares traded hands during trading, a decline of 71% from the average session volume of 10,616,353 shares. The stock had previously closed at $23.39.

Wall Street Analyst Weigh In

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

AST SpaceMobile Trading Down 0.1 %

The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of -11.24 and a beta of 1.64. The company has a fifty day moving average price of $25.26 and a 200-day moving average price of $19.46. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Transactions at AST SpaceMobile

In other news, Director Adriana Cisneros purchased 4,934 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $26.32 per share, with a total value of $129,862.88. Following the acquisition, the director now directly owns 774,772 shares of the company’s stock, valued at approximately $20,391,999.04. This trade represents a 0.64 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Shanti B. Gupta sold 80,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the transaction, the chief operating officer now owns 393,232 shares in the company, valued at approximately $10,157,182.56. This trade represents a 16.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,700 shares of company stock worth $3,220,524. 41.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

A number of large investors have recently modified their holdings of ASTS. Amalgamated Bank increased its stake in shares of AST SpaceMobile by 17.4% in the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after acquiring an additional 679 shares during the last quarter. Victory Capital Management Inc. increased its stake in AST SpaceMobile by 5.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after purchasing an additional 814 shares in the last quarter. Fairfield Financial Advisors LTD bought a new position in AST SpaceMobile in the third quarter valued at approximately $26,000. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Finally, Calton & Associates Inc. boosted its holdings in shares of AST SpaceMobile by 14.5% in the third quarter. Calton & Associates Inc. now owns 12,600 shares of the company’s stock valued at $329,000 after buying an additional 1,600 shares during the period. 60.95% of the stock is currently owned by institutional investors and hedge funds.

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.