AST SpaceMobile (NASDAQ:ASTS) Shares Gap Up Following Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price gapped up prior to trading on Wednesday after UBS Group raised their price target on the stock from $31.00 to $38.00. The stock had previously closed at $28.61, but opened at $30.12. UBS Group currently has a buy rating on the stock. AST SpaceMobile shares last traded at $32.32, with a volume of 6,090,210 shares changing hands.

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

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank increased its position in shares of AST SpaceMobile by 17.4% in the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after purchasing an additional 679 shares during the last quarter. Xponance Inc. grew its stake in shares of AST SpaceMobile by 8.7% during the fourth quarter. Xponance Inc. now owns 9,676 shares of the company’s stock worth $204,000 after purchasing an additional 772 shares in the last quarter. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile during the third quarter worth $26,000. CIBC Private Wealth Group LLC increased its holdings in AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after buying an additional 1,222 shares during the last quarter. Finally, Americana Partners LLC raised its stake in AST SpaceMobile by 5.2% in the fourth quarter. Americana Partners LLC now owns 27,047 shares of the company’s stock valued at $571,000 after buying an additional 1,326 shares in the last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Price Performance

The stock has a fifty day simple moving average of $24.57 and a 200-day simple moving average of $25.53. The company has a market capitalization of $9.79 billion, a PE ratio of -15.94 and a beta of 1.62. 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 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.