AST SpaceMobile (NASDAQ:ASTS) Shares Up 0.8% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price shot up 0.8% during mid-day trading on Tuesday . The stock traded as high as $24.70 and last traded at $24.49. 1,477,418 shares changed hands during trading, a decline of 86% from the average session volume of 10,434,182 shares. The stock had previously closed at $24.30.

Analysts Set New Price Targets

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

AST SpaceMobile Stock Down 1.5 %

The company has a market capitalization of $6.66 billion, a price-to-earnings ratio of -10.85 and a beta of 1.60. The business has a fifty day simple moving average of $24.68 and a two-hundred day simple moving average of $21.61. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Activity at AST SpaceMobile

In other news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the completion of the transaction, the president now owns 712,660 shares in the company, valued at approximately $16,476,699.20. The trade was a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Huiwen Yao sold 45,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total value of $1,091,700.00. Following the sale, the chief technology officer now owns 55,000 shares in the company, valued at approximately $1,334,300. This trade represents a 45.00 % decrease in their ownership of the stock. 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 90 days. 41.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors and hedge funds have recently bought and sold shares of the business. Amalgamated Bank grew its holdings in 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 acquiring an additional 679 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of AST SpaceMobile by 5.5% during the second 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 stake in shares of AST SpaceMobile during the third quarter valued at approximately $26,000. Hollencrest Capital Management acquired a new stake in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Finally, Calton & Associates Inc. increased 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 purchasing an additional 1,600 shares in the last quarter. Institutional investors and hedge funds 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.