AST SpaceMobile (NASDAQ:ASTS) Shares Up 1.3% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price rose 1.3% during trading on Wednesday . The company traded as high as $25.44 and last traded at $25.11. Approximately 1,339,515 shares traded hands during trading, a decline of 87% from the average daily volume of 10,419,642 shares. The stock had previously closed at $24.78.

Wall Street Analyst Weigh In

ASTS has been the subject of a number of research analyst reports. Scotiabank reduced their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday, November 15th. UBS Group boosted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Deutsche Bank Aktiengesellschaft boosted their price target on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, B. Riley boosted their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th.

AST SpaceMobile Trading Up 0.8 %

The firm’s 50-day simple moving average is $24.66 and its 200 day simple moving average is $21.60. The firm has a market capitalization of $7.24 billion, a price-to-earnings ratio of -11.78 and a beta of 1.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

Insider Activity at AST SpaceMobile

In other news, President Scott Wisniewski sold 2,700 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the transaction, the president now owns 712,660 shares of the company’s stock, valued at $16,476,699.20. This represents a 0.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Shanti B. Gupta sold 80,000 shares of the 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 directly owns 393,232 shares in the company, valued at $10,157,182.56. This trade represents a 16.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,700 shares of company stock worth $3,220,524 over the last three months. Company insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank boosted its position in shares of AST SpaceMobile by 17.4% during the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock worth $120,000 after purchasing an additional 679 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of 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 shares of AST SpaceMobile during the 3rd quarter worth about $26,000. Hollencrest Capital Management bought a new position in AST SpaceMobile in the 3rd quarter valued at about $26,000. Finally, Calton & Associates Inc. raised its stake 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 worth $329,000 after purchasing an additional 1,600 shares during the last quarter. Institutional investors own 60.95% of the company’s stock.

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.