AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 14.5% Following Analyst Upgrade

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were up 14.5% during mid-day trading on Wednesday after UBS Group raised their price target on the stock from $31.00 to $38.00. UBS Group currently has a buy rating on the stock. AST SpaceMobile traded as high as $32.91 and last traded at $32.77. Approximately 11,653,793 shares traded hands during trading, a decline of 4% from the average daily volume of 12,194,281 shares. The stock had previously closed at $28.61.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile during the third quarter valued at approximately $26,000. Summit Securities Group LLC acquired a new stake in shares of AST SpaceMobile in the fourth quarter worth approximately $37,000. Bernard Wealth Management Corp. purchased a new stake in shares of AST SpaceMobile during the fourth quarter worth approximately $42,000. Golden State Wealth Management LLC acquired a new position in AST SpaceMobile in the 4th quarter valued at $46,000. Finally, CIBC Private Wealth Group LLC lifted its holdings in AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after purchasing an additional 1,222 shares in the last quarter. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Stock Performance

The company has a market cap of $9.79 billion, a price-to-earnings ratio of -15.94 and a beta of 1.62. The firm’s 50 day simple moving average is $24.57 and its 200-day simple moving average is $25.53. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

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.