AST SpaceMobile (NASDAQ:ASTS) Trading 13.7% Higher – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price rose 13.7% during trading on Wednesday . The stock traded as high as $30.99 and last traded at $29.76. 8,130,186 shares were traded during trading, a decline of 30% from the average session volume of 11,643,170 shares. The stock had previously closed at $26.17.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ASTS. UBS Group increased their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Cantor Fitzgerald upgraded AST SpaceMobile to a “strong-buy” rating in a report on Tuesday. Finally, Scotiabank cut their price objective on shares of AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating on the stock in a report on Friday, January 24th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $40.04.

AST SpaceMobile Trading Up 10.6 %

The business’s fifty day simple moving average is $23.99 and its two-hundred day simple moving average is $25.40. The company has a market cap of $8.39 billion, a price-to-earnings ratio of -13.68 and a beta of 1.62. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Institutional Trading of AST SpaceMobile

Several institutional investors and hedge funds have recently modified their holdings of the business. First Heartland Consultants Inc. lifted its position in AST SpaceMobile by 42.3% during the fourth quarter. First Heartland Consultants Inc. now owns 14,499 shares of the company’s stock worth $306,000 after buying an additional 4,311 shares during the period. PharVision Advisers LLC acquired a new position in AST SpaceMobile in the fourth quarter valued at $541,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in AST SpaceMobile by 49.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,810 shares of the company’s stock valued at $5,820,000 after acquiring an additional 91,536 shares during the period. Twinbeech Capital LP acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at about $4,684,000. Finally, Two Sigma Investments LP grew its holdings in shares of AST SpaceMobile by 117.5% during the 4th quarter. Two Sigma Investments LP now owns 51,874 shares of the company’s stock worth $1,095,000 after purchasing an additional 28,025 shares during the period. 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.