AST SpaceMobile (NASDAQ:ASTS) Trading 6.5% Higher – Time to Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price shot up 6.5% during trading on Monday . The company traded as high as $28.25 and last traded at $27.38. 3,673,867 shares were traded during trading, a decline of 70% from the average session volume of 12,121,258 shares. The stock had previously closed at $25.71.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ASTS. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Finally, UBS Group upped their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Trading Up 10.7 %

The business’s fifty day moving average is $25.84 and its 200-day moving average is $25.12. 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 firm has a market cap of $9.01 billion, a P/E ratio of -13.36 and a beta of 1.62.

Insider Activity

In related news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the sale, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of AST SpaceMobile by 49.4% in the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock worth $316,233,000 after acquiring an additional 4,955,941 shares during the period. Geode Capital Management LLC boosted its stake in shares of AST SpaceMobile by 7.0% in the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock valued at $73,801,000 after purchasing an additional 229,759 shares during the last quarter. State Street Corp increased its position in shares of AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after buying an additional 399,713 shares during the period. T. Rowe Price Investment Management Inc. acquired a new stake in shares of AST SpaceMobile during the fourth quarter worth $59,523,000. Finally, Charles Schwab Investment Management Inc. raised its stake in AST SpaceMobile by 11.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock worth $26,728,000 after buying an additional 135,008 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.