AST SpaceMobile (NASDAQ:ASTS) Trading Up 9.1%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price shot up 9.1% during trading on Tuesday . The company traded as high as $14.13 and last traded at $13.97. 3,030,144 shares changed hands during trading, a decline of 59% from the average session volume of 7,398,507 shares. The stock had previously closed at $12.80.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ASTS shares. UBS Group boosted their price target on shares of AST SpaceMobile from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Deutsche Bank Aktiengesellschaft cut their target price on shares of AST SpaceMobile from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, April 3rd. Finally, Scotiabank raised their price target on shares of AST SpaceMobile from $7.40 to $12.90 and gave the company a “sector outperform” rating in a research report on Thursday, May 30th.

AST SpaceMobile Stock Up 8.2 %

The business has a 50-day simple moving average of $9.45 and a 200-day simple moving average of $5.23. The company has a debt-to-equity ratio of 0.56, a quick ratio of 7.51 and a current ratio of 7.51. The company has a market cap of $3.57 billion, a price-to-earnings ratio of -14.25 and a beta of 1.61.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Wednesday, May 15th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.02. The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $3.00 million. On average, equities analysts anticipate that AST SpaceMobile, Inc. will post -0.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AST SpaceMobile

Institutional investors have recently modified their holdings of the company. BNP Paribas purchased a new position in AST SpaceMobile in the first quarter valued at $43,000. Principal Financial Group Inc. purchased a new position in shares of AST SpaceMobile in the 1st quarter valued at about $45,000. Summit Trail Advisors LLC acquired a new stake in shares of AST SpaceMobile during the 1st quarter worth about $47,000. Victory Capital Management Inc. acquired a new stake in shares of AST SpaceMobile during the 4th quarter worth about $65,000. Finally, Cantor Fitzgerald L. P. purchased a new stake in AST SpaceMobile during the fourth quarter worth approximately $66,000. 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.