HighTower Advisors LLC Increases Stake in AST SpaceMobile, Inc. (NASDAQ:ASTS)

HighTower Advisors LLC raised its holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS) by 221.8% in the fourth quarter, Holdings Channel reports. The fund owned 75,118 shares of the company’s stock after buying an additional 51,775 shares during the period. HighTower Advisors LLC’s holdings in AST SpaceMobile were worth $1,585,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after buying an additional 787,566 shares during the last quarter. State Street Corp raised its stake in AST SpaceMobile by 14.8% in the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after buying an additional 399,713 shares in the last quarter. Geode Capital Management LLC lifted its holdings in AST SpaceMobile by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after buying an additional 281,749 shares during the last quarter. Swiss National Bank purchased a new position in AST SpaceMobile in the third quarter valued at approximately $6,911,000. Finally, Bank of New York Mellon Corp boosted its stake in AST SpaceMobile by 57.6% in the fourth quarter. Bank of New York Mellon Corp now owns 641,678 shares of the company’s stock valued at $13,539,000 after acquiring an additional 234,517 shares in the last quarter. Institutional investors and hedge funds own 60.95% of the company’s stock.

Insiders Place Their Bets

In other news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the sale, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 41.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. UBS Group lifted their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, March 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Price Performance

ASTS stock opened at $29.30 on Tuesday. The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of -13.82 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. AST SpaceMobile, Inc. has a 52-week low of $1.97 and a 52-week high of $39.08. The stock’s fifty day simple moving average is $26.01 and its 200-day simple moving average is $25.13.

AST SpaceMobile 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.