Cibc World Markets Corp Takes $265,000 Position in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Cibc World Markets Corp purchased a new position in AST SpaceMobile, Inc. (NASDAQ:ASTS) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,537 shares of the company’s stock, valued at approximately $265,000.

Several other hedge funds have also added to or reduced their stakes in ASTS. SouthState Corp increased its holdings in shares of AST SpaceMobile by 6.5% in the fourth quarter. SouthState Corp now owns 32,542 shares of the company’s stock worth $687,000 after buying an additional 2,000 shares during the period. LBP AM SA grew its position in AST SpaceMobile by 46.7% during the 4th quarter. LBP AM SA now owns 19,628 shares of the company’s stock worth $414,000 after acquiring an additional 6,251 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in AST SpaceMobile by 161.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 78,815 shares of the company’s stock worth $1,663,000 after purchasing an additional 48,653 shares during the period. Swiss National Bank lifted its position in AST SpaceMobile by 18.8% in the fourth quarter. Swiss National Bank now owns 314,000 shares of the company’s stock valued at $6,625,000 after purchasing an additional 49,700 shares during the last quarter. Finally, Rakuten Securities Inc. boosted its stake in shares of AST SpaceMobile by 269.3% during the fourth quarter. Rakuten Securities Inc. now owns 9,566 shares of the company’s stock valued at $202,000 after purchasing an additional 6,976 shares during the period. 60.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ASTS has been the topic of several analyst reports. UBS Group lifted their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Trading Down 2.6 %

NASDAQ:ASTS opened at $28.55 on Wednesday. The company has a 50-day moving average price of $26.17 and a 200-day moving average price of $25.15. The stock has a market cap of $9.04 billion, a price-to-earnings ratio of -13.47 and a beta of 1.62. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. AST SpaceMobile, Inc. has a 12 month low of $1.97 and a 12 month high of $39.08.

Insiders Place Their Bets

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. 41.80% of the stock is currently owned by company insiders.

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.