AST SpaceMobile (NASDAQ:ASTS) Shares Up 0.7% – Should You Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shot up 0.7% on Friday . The stock traded as high as $23.29 and last traded at $23.16. 2,935,548 shares changed hands during trading, a decline of 72% from the average session volume of 10,397,236 shares. The stock had previously closed at $23.00.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ASTS. Scotiabank dropped their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a research report on Friday, November 15th. 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 report on Thursday, August 29th. UBS Group lifted their price target on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th.

AST SpaceMobile Stock Down 0.5 %

The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The company has a fifty day simple moving average of $24.65 and a 200 day simple moving average of $21.72. The firm has a market capitalization of $6.63 billion, a P/E ratio of -10.79 and a beta of 1.60.

Insiders Place Their Bets

In other news, President Scott Wisniewski sold 2,700 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $23.12, for a total transaction of $62,424.00. Following the transaction, the president now directly owns 712,660 shares of the company’s stock, valued at $16,476,699.20. This represents a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Huiwen Yao sold 45,000 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total value of $1,091,700.00. Following the transaction, the chief technology officer now directly owns 55,000 shares in the company, valued at approximately $1,334,300. The trade was a 45.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,700 shares of company stock valued at $3,220,524. 41.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ASTS. Bank of New York Mellon Corp lifted its holdings in shares of AST SpaceMobile by 56.4% during the second quarter. Bank of New York Mellon Corp now owns 472,769 shares of the company’s stock valued at $5,489,000 after purchasing an additional 170,440 shares in the last quarter. NewGen Asset Management Ltd purchased a new stake in AST SpaceMobile during the second quarter valued at $2,902,000. Hussman Strategic Advisors Inc. purchased a new stake in AST SpaceMobile during the second quarter valued at $610,000. Rhumbline Advisers increased its position in AST SpaceMobile by 55.1% during the second quarter. Rhumbline Advisers now owns 181,966 shares of the company’s stock valued at $2,113,000 after acquiring an additional 64,658 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in AST SpaceMobile by 5.5% during the second quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock valued at $180,000 after acquiring an additional 814 shares during the last quarter. 60.95% of the stock is owned by 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.