AST SpaceMobile (NASDAQ:ASTS) Trading Up 6.6% – Here’s Why

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded up 6.6% during mid-day trading on Friday . The company traded as high as $23.12 and last traded at $23.06. 2,011,088 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 2,979,404 shares. The stock had previously closed at $21.64.

Analyst Ratings Changes

Several brokerages have recently issued reports on ASTS. Scotiabank reduced their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research note on Friday, November 15th. UBS Group lifted their price target on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

AST SpaceMobile Stock Up 10.8 %

The business’s fifty day simple moving average is $23.87 and its two-hundred day simple moving average is $22.71. The company has a market cap of $6.94 billion, a PE ratio of -11.31 and a beta of 1.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 45,000 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total value of $1,091,700.00. Following the completion of the sale, the chief technology officer now owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. The trade was a 45.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 41.80% of the stock is owned by company insiders.

Institutional Trading of AST SpaceMobile

Several institutional investors have recently modified their holdings of the stock. Fairfield Financial Advisors LTD acquired a new stake in shares of AST SpaceMobile in the third quarter worth approximately $26,000. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at $26,000. Rakuten Securities Inc. purchased a new position in AST SpaceMobile during the third quarter worth about $68,000. Sunbelt Securities Inc. boosted its position in shares of AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after purchasing an additional 3,380 shares during the period. Finally, KBC Group NV acquired a new stake in shares of AST SpaceMobile in the third quarter valued at $104,000. Institutional investors and hedge funds 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.