AST SpaceMobile (NASDAQ:ASTS) Given New $38.00 Price Target at UBS Group

AST SpaceMobile (NASDAQ:ASTS) had its price target raised by investment analysts at UBS Group from $31.00 to $38.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 12.43% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Scotiabank increased their price target on shares of AST SpaceMobile from $40.20 to $47.90 and gave the company a “sector outperform” rating in a research note on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $42.98.

AST SpaceMobile Stock Up 18.1 %

Shares of ASTS stock traded up $5.19 on Wednesday, reaching $33.80. 27,555,197 shares of the stock were exchanged, compared to its average volume of 12,603,678. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of -15.94 and a beta of 1.62. The business’s 50 day moving average price is $24.36 and its 200 day moving average price is $25.47. 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 has a twelve month low of $1.97 and a twelve month high of $39.08.

Hedge Funds Weigh In On AST SpaceMobile

A number of large investors have recently made changes to their positions in ASTS. Vanguard Group Inc. grew its position in AST SpaceMobile by 49.4% during the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock worth $316,233,000 after buying an additional 4,955,941 shares during the period. Geode Capital Management LLC grew its holdings in shares of AST SpaceMobile by 7.0% in the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock worth $73,801,000 after acquiring an additional 229,759 shares during the period. State Street Corp increased its stake in AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after purchasing an additional 399,713 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in AST SpaceMobile in the 4th quarter valued at approximately $59,523,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in AST SpaceMobile by 11.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock worth $26,728,000 after purchasing an additional 135,008 shares during the last quarter. Hedge funds and other 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.