AST SpaceMobile (NASDAQ:ASTS) Trading 2.3% Higher – Here’s What Happened

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded up 2.3% on Thursday . The stock traded as high as $86.72 and last traded at $86.40. 8,537,045 shares were traded during mid-day trading, a decline of 48% from the average session volume of 16,568,006 shares. The stock had previously closed at $84.43.

Wall Street Analysts Forecast Growth

Several research firms have commented on ASTS. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of AST SpaceMobile in a report on Tuesday, January 20th. Zacks Research lowered AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research report on Friday, January 9th. Scotiabank cut shares of AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $45.60 target price on the stock. in a research report on Wednesday, January 7th. B. Riley Financial reduced their price target on AST SpaceMobile from $105.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, AST SpaceMobile has an average rating of “Reduce” and an average price target of $52.94.

AST SpaceMobile Stock Up 2.3%

The stock has a market cap of $31.71 billion, a P/E ratio of -69.68 and a beta of 2.70. The firm has a 50 day simple moving average of $92.04 and a two-hundred day simple moving average of $70.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 9.48 and a current ratio of 9.56.

Insider Buying and Selling

In related news, CAO Maya Bernal sold 6,000 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $73.76, for a total transaction of $442,560.00. Following the completion of the transaction, the chief accounting officer owned 122,486 shares of the company’s stock, valued at $9,034,567.36. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of AST SpaceMobile stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the transaction, the insider directly owned 211,379 shares in the company, valued at $14,743,685.25. This represents a 91.54% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders acquired 2,015 shares of company stock worth $149,144 and sold 2,354,621 shares worth $164,348,075. 30.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds have recently modified their holdings of the stock. Crewe Advisors LLC purchased a new position in shares of AST SpaceMobile in the fourth quarter worth approximately $25,000. Laurel Wealth Advisors LLC purchased a new stake in shares of AST SpaceMobile during the 4th quarter worth about $25,000. Byrne Asset Management LLC bought a new position in AST SpaceMobile during the fourth quarter valued at approximately $29,000. Acumen Wealth Advisors LLC acquired a new stake in shares of AST SpaceMobile in the 4th quarter valued at $29,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of AST SpaceMobile in the fourth quarter worth about $33,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

About AST SpaceMobile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.