Verition Fund Management LLC Buys Shares of 42,345 AST SpaceMobile, Inc. (NASDAQ:ASTS)

Verition Fund Management LLC purchased a new position in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 42,345 shares of the company’s stock, valued at approximately $1,107,000.

Several other institutional investors have also made changes to their positions in ASTS. Vanguard Group Inc. increased 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 buying an additional 2,217,531 shares during the last quarter. Privium Fund Management B.V. acquired a new position in shares of AST SpaceMobile during the 3rd quarter worth $21,476,000. Oppenheimer & Co. Inc. bought a new position in shares of AST SpaceMobile during the 2nd quarter valued at $9,270,000. Charles Schwab Investment Management Inc. lifted its stake in shares of AST SpaceMobile by 228.9% in 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 purchasing an additional 787,566 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in AST SpaceMobile in the second quarter worth $4,757,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, President Scott Wisniewski sold 2,700 shares of the company’s 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 completion of the transaction, the president now owns 712,660 shares of the company’s stock, valued at approximately $16,476,699.20. This represents a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Shanti B. Gupta sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $25.83, for a total value of $2,066,400.00. Following the completion of the transaction, the chief operating officer now directly owns 393,232 shares of the company’s stock, 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. Insiders have sold a total of 127,700 shares of company stock valued at $3,220,524 in the last three months. Company insiders own 41.80% of the company’s stock.

AST SpaceMobile Price Performance

NASDAQ ASTS opened at $25.32 on Friday. The stock has a 50-day simple moving average of $24.72 and a 200 day simple moving average of $20.60. AST SpaceMobile, Inc. has a twelve month low of $1.97 and a twelve month high of $39.08. The stock has a market capitalization of $7.34 billion, a PE ratio of -11.94 and a beta of 1.60. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ASTS shares. Deutsche Bank Aktiengesellschaft raised their target price on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Scotiabank reduced their target price 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. B. Riley upped their target price on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, UBS Group lifted their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

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.