AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 7.6% – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) shot up 7.6% on Tuesday . The company traded as high as $28.20 and last traded at $27.56. 10,510,691 shares were traded during trading, a decline of 11% from the average session volume of 11,867,445 shares. The stock had previously closed at $25.62.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ASTS. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday. UBS Group raised their price objective 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. Finally, Scotiabank dropped their target price on shares of AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a report on Friday, January 24th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $40.04.

AST SpaceMobile Stock Performance

The firm’s 50-day moving average price is $24.26 and its 200-day moving average price is $25.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The stock has a market cap of $8.29 billion, a P/E ratio of -13.50 and a beta of 1.62.

Institutional Trading of AST SpaceMobile

Several hedge funds have recently bought and sold shares of ASTS. Bernard Wealth Management Corp. purchased a new stake in shares of AST SpaceMobile in the fourth quarter worth about $42,000. First Heartland Consultants Inc. grew its holdings in shares of AST SpaceMobile by 42.3% in the fourth quarter. First Heartland Consultants Inc. now owns 14,499 shares of the company’s stock valued at $306,000 after purchasing an additional 4,311 shares in the last quarter. PharVision Advisers LLC bought a new stake in AST SpaceMobile in the fourth quarter worth $541,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in AST SpaceMobile by 49.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,810 shares of the company’s stock valued at $5,820,000 after purchasing an additional 91,536 shares in the last quarter. Finally, Twinbeech Capital LP bought a new position in AST SpaceMobile during the fourth quarter valued at $4,684,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

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.