AST SpaceMobile (NASDAQ:ASTS) Shares Up 0.7% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) shot up 0.7% on Friday . The stock traded as high as $23.29 and last traded at $23.16. 2,935,548 shares changed hands during trading, a decline of 72% from the average session volume of 10,397,236 shares. The stock had previously closed at $23.00.

Analysts Set New Price Targets

Several research firms have recently weighed in on ASTS. B. Riley increased their price target on AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. UBS Group raised their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Scotiabank cut their target price on 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. Finally, Deutsche Bank Aktiengesellschaft raised their target price on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th.

AST SpaceMobile Trading Down 0.5 %

The stock has a market cap of $6.63 billion, a P/E ratio of -10.79 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. The stock has a 50-day moving average price of $24.65 and a 200-day moving average price of $21.72.

Insider Activity

In other news, CTO Huiwen Yao sold 45,000 shares of AST SpaceMobile stock in a transaction dated Tuesday, October 8th. The stock was 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 in the company, valued at approximately $1,334,300. This trade represents a 45.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Shanti B. Gupta sold 80,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now directly owns 393,232 shares in the company, valued at approximately $10,157,182.56. This represents a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,700 shares of company stock worth $3,220,524. 41.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

Large investors have recently modified their holdings of the company. Fairfield Financial Advisors LTD purchased a new position in shares of AST SpaceMobile during the 3rd quarter valued at about $26,000. Hollencrest Capital Management purchased a new position in AST SpaceMobile in the 3rd quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new position in AST SpaceMobile in the 3rd quarter worth approximately $68,000. Sunbelt Securities Inc. increased its stake in AST SpaceMobile by 3,380.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after purchasing an additional 3,380 shares during the period. Finally, KBC Group NV purchased a new position in shares of AST SpaceMobile during the third quarter valued at approximately $104,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.