AST SpaceMobile (NASDAQ:ASTS) Trading 2.4% Higher – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price rose 2.4% during trading on Thursday . The company traded as high as $24.35 and last traded at $24.06. Approximately 1,633,559 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 10,334,473 shares. The stock had previously closed at $23.49.

Wall Street Analyst Weigh In

ASTS has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. UBS Group increased their target price on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Scotiabank decreased their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research note on Friday, November 15th.

AST SpaceMobile Price Performance

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 business has a 50 day moving average of $24.32 and a 200 day moving average of $22.23. The company has a market cap of $6.64 billion, a PE ratio of -10.81 and a beta of 1.60.

Insider Activity

In other news, President Scott Wisniewski sold 2,700 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $23.12, for a total value of $62,424.00. Following the completion of the transaction, the president now owns 712,660 shares in the company, valued at $16,476,699.20. This trade represents a 0.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of AST SpaceMobile stock in a transaction that occurred on 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 sale, the chief operating officer now owns 393,232 shares in the company, valued at $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 have sold 127,700 shares of company stock valued at $3,220,524. Corporate insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Fairfield Financial Advisors LTD purchased a new stake in AST SpaceMobile in the third quarter worth about $26,000. Hollencrest Capital Management bought a new stake in shares of AST SpaceMobile in the 3rd quarter worth approximately $26,000. Rakuten Securities Inc. bought a new position in AST SpaceMobile during the 3rd quarter valued at approximately $68,000. Sunbelt Securities Inc. raised its stake in AST SpaceMobile by 3,380.0% during the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock valued at $91,000 after buying an additional 3,380 shares during the last quarter. Finally, KBC Group NV bought a new stake in AST SpaceMobile in the third quarter worth $104,000. 60.95% of the stock is 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.