AST SpaceMobile (NASDAQ:ASTS) Trading 3.4% Higher Following Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS) shot up 3.4% on Monday after UBS Group raised their price target on the stock from $30.00 to $31.00. UBS Group currently has a buy rating on the stock. AST SpaceMobile traded as high as $25.17 and last traded at $25.05. 2,696,146 shares traded hands during trading, a decline of 75% from the average session volume of 10,645,036 shares. The stock had previously closed at $24.23.

ASTS has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft lifted their price target on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Scotiabank lifted their price target on AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a research note on Monday, August 26th. Finally, B. Riley lifted 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.

Insider Transactions at AST SpaceMobile

In other AST SpaceMobile news, COO Shanti B. Gupta sold 80,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the completion of the transaction, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. This trade represents a 16.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Adriana Cisneros purchased 4,934 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $26.32 per share, with a total value of $129,862.88. Following the completion of the purchase, the director now owns 774,772 shares in the company, valued at $20,391,999.04. This represents a 0.64 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 127,700 shares of company stock worth $3,220,524. 41.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently modified their holdings of ASTS. Amalgamated Bank raised its holdings in shares of AST SpaceMobile by 17.4% during the third quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock worth $120,000 after acquiring an additional 679 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of AST SpaceMobile by 5.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after purchasing an additional 814 shares during the last quarter. Fairfield Financial Advisors LTD acquired a new position in shares of AST SpaceMobile during the 3rd quarter worth about $26,000. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile during the 3rd quarter worth about $26,000. Finally, Calton & Associates Inc. lifted its position in shares of AST SpaceMobile by 14.5% during the 3rd quarter. Calton & Associates Inc. now owns 12,600 shares of the company’s stock worth $329,000 after purchasing an additional 1,600 shares during the last quarter. 60.95% of the stock is owned by institutional investors.

AST SpaceMobile Stock Performance

The firm has a fifty day simple moving average of $25.62 and a 200 day simple moving average of $18.69. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.83. The stock has a market cap of $6.95 billion, a price-to-earnings ratio of -12.17 and a beta of 1.64.

AST SpaceMobile Company Profile

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.