AST SpaceMobile (NASDAQ:ASTS) Trading 2.4% Higher

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares rose 2.4% on Wednesday . The stock traded as high as $28.96 and last traded at $28.66. Approximately 2,742,771 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 10,439,668 shares. The stock had previously closed at $28.00.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ASTS shares. Deutsche Bank Aktiengesellschaft increased their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. B. Riley increased their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. UBS Group boosted their price target on AST SpaceMobile from $13.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Scotiabank upped their price objective on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a report on Monday, August 26th.

AST SpaceMobile Trading Down 0.6 %

The firm has a market cap of $7.17 billion, a PE ratio of -29.24 and a beta of 1.63. The company has a debt-to-equity ratio of 0.83, a quick ratio of 6.38 and a current ratio of 6.38. The company has a 50 day simple moving average of $23.34 and a two-hundred day simple moving average of $11.64.

AST SpaceMobile (NASDAQ:ASTS) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.05. The firm had revenue of $0.90 million during the quarter, compared to analyst estimates of $2.00 million. Analysts expect that AST SpaceMobile, Inc. will post -0.88 EPS for the current fiscal year.

Insider Buying and Selling

In other AST SpaceMobile news, Director Adriana Cisneros acquired 4,934 shares of the company’s stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $26.32 per share, with a total value of $129,862.88. Following the completion of the acquisition, the director now owns 774,772 shares in the company, valued at $20,391,999.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 56.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of AST SpaceMobile by 49.9% during the 1st quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock worth $19,325,000 after purchasing an additional 2,217,531 shares during the last quarter. American International Group Inc. lifted its holdings in AST SpaceMobile by 41.5% in the 1st quarter. American International Group Inc. now owns 56,527 shares of the company’s stock valued at $164,000 after purchasing an additional 16,568 shares in the last quarter. Virtu Financial LLC acquired a new stake in AST SpaceMobile during the 4th quarter worth $259,000. PNC Financial Services Group Inc. grew its holdings in shares of AST SpaceMobile by 319.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock worth $985,000 after buying an additional 124,322 shares in the last quarter. Finally, NewGen Asset Management Ltd purchased a new stake in shares of AST SpaceMobile during the second quarter worth $2,902,000. 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.