AST SpaceMobile (NASDAQ:ASTS) Trading Up 2.2% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares were up 2.2% during trading on Wednesday . The company traded as high as $33.18 and last traded at $31.60. Approximately 4,784,423 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 11,491,966 shares. The stock had previously closed at $30.90.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. UBS Group upped their price target on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Scotiabank decreased their price target on shares of AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating for the company in a research note on Friday, January 24th. Finally, Cantor Fitzgerald assumed coverage on shares of AST SpaceMobile in a research note on Thursday, February 6th. They set an “overweight” rating and a $30.00 price objective on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $40.04.

AST SpaceMobile Stock Up 5.7 %

The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The company has a market capitalization of $9.46 billion, a PE ratio of -15.47 and a beta of 1.62. The company’s 50-day moving average is $23.45 and its 200 day moving average is $25.08.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ASTS. Vanguard Group Inc. boosted its holdings in AST SpaceMobile by 49.4% in the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company’s stock worth $316,233,000 after purchasing an additional 4,955,941 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in shares of AST SpaceMobile during the 4th quarter valued at $59,523,000. Privium Fund Management B.V. purchased a new position in shares of AST SpaceMobile in the 3rd quarter worth $21,476,000. Charles Schwab Investment Management Inc. grew its holdings in shares of AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after acquiring an additional 787,566 shares during the period. Finally, State Street Corp increased its position in AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after acquiring an additional 399,713 shares during the last quarter. 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.