AST SpaceMobile (NASDAQ:ASTS) Shares Up 5.9% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price traded up 5.9% during mid-day trading on Thursday . The stock traded as high as $29.79 and last traded at $29.23. 4,823,911 shares were traded during trading, a decline of 57% from the average session volume of 11,295,948 shares. The stock had previously closed at $27.61.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ASTS. UBS Group lifted their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Scotiabank dropped their target price on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a report on Friday, January 24th. Finally, Cantor Fitzgerald started coverage on AST SpaceMobile in a report on Thursday, February 6th. They set an “overweight” rating and a $30.00 target price for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $40.04.

AST SpaceMobile Stock Up 10.0 %

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 company has a market cap of $8.80 billion, a P/E ratio of -14.37 and a beta of 1.62. The stock has a 50-day moving average of $22.92 and a 200 day moving average of $24.70.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Amalgamated Bank boosted its stake in shares of AST SpaceMobile by 17.4% during the third quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after purchasing an additional 679 shares in the last quarter. Xponance Inc. lifted its stake in AST SpaceMobile by 8.7% in the fourth quarter. Xponance Inc. now owns 9,676 shares of the company’s stock valued at $204,000 after buying an additional 772 shares during the period. 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 bought a new stake in shares of AST SpaceMobile during the third quarter valued at approximately $26,000. Finally, CIBC Private Wealth Group LLC grew its holdings 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 worth $53,000 after buying an additional 1,222 shares in the last quarter. 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.