AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 1.1% – What’s Next?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded up 1.1% on Wednesday . The stock traded as high as $29.20 and last traded at $28.86. 2,191,847 shares were traded during trading, a decline of 82% from the average session volume of 11,975,451 shares. The stock had previously closed at $28.55.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald restated 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 lifted their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Price Performance

The business’s 50-day moving average price is $26.38 and its 200 day moving average price is $25.17. The company has a market capitalization of $7.61 billion, a P/E ratio of -11.35 and a beta of 1.62. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insiders Place Their Bets

In other news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now owns 52,628 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Corporate insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASTS. Summit Securities Group LLC purchased a new stake in shares of AST SpaceMobile in the 4th quarter valued at about $37,000. Bernard Wealth Management Corp. purchased a new stake in AST SpaceMobile in the fourth quarter valued at approximately $42,000. Golden State Wealth Management LLC purchased a new stake in AST SpaceMobile in the fourth quarter valued at approximately $46,000. CIBC Private Wealth Group LLC lifted its position in AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after purchasing an additional 1,222 shares during the last quarter. Finally, AlphaQuest LLC purchased a new position in AST SpaceMobile in the 4th quarter worth approximately $67,000. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.