AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 0.2% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares traded up 0.2% during trading on Tuesday . The company traded as high as $22.85 and last traded at $22.79. 2,716,036 shares changed hands during trading, a decline of 77% from the average session volume of 12,044,361 shares. The stock had previously closed at $22.74.

Wall Street Analysts Forecast Growth

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

AST SpaceMobile Trading Down 4.3 %

The company has a fifty day simple moving average of $26.49 and a two-hundred day simple moving average of $25.10. The company has a market capitalization of $6.89 billion, a P/E ratio of -10.28 and a beta of 1.62. 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 Buying and Selling

In other news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the sale, the director now directly owns 52,628 shares in the company, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

Several hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its holdings in AST SpaceMobile by 228.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after purchasing an additional 787,566 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of AST SpaceMobile by 60.9% during the third quarter. The Manufacturers Life Insurance Company now owns 82,400 shares of the company’s stock valued at $2,155,000 after purchasing an additional 31,191 shares during the period. FMR LLC raised its stake in shares of AST SpaceMobile by 230.5% in the third quarter. FMR LLC now owns 39,638 shares of the company’s stock valued at $1,037,000 after purchasing an additional 27,644 shares in the last quarter. MetLife Investment Management LLC lifted its position in AST SpaceMobile by 12.4% in the third quarter. MetLife Investment Management LLC now owns 76,302 shares of the company’s stock worth $1,995,000 after purchasing an additional 8,441 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in AST SpaceMobile in the 3rd quarter valued at $626,000. Institutional investors own 60.95% of the company’s stock.

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.