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

AST SpaceMobile, Inc. (NASDAQ:ASTS) gapped up before the market opened on Wednesday after Scotiabank raised their price target on the stock from $40.20 to $47.90. The stock had previously closed at $28.61, but opened at $30.12. Scotiabank currently has a sector outperform rating on the stock. AST SpaceMobile shares last traded at $32.32, with a volume of 6,090,210 shares trading hands.

Several other equities research analysts have also recently issued reports on ASTS. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday. UBS Group increased their price target on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, AST SpaceMobile has an average rating of “Buy” and an average target price of $41.58.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Hollencrest Capital Management purchased a new stake in shares of AST SpaceMobile in the 3rd quarter worth $26,000. Summit Securities Group LLC bought a new stake in AST SpaceMobile during the fourth quarter valued at about $37,000. Bernard Wealth Management Corp. purchased a new stake in AST SpaceMobile in the fourth quarter worth about $42,000. Golden State Wealth Management LLC bought a new position in shares of AST SpaceMobile in the fourth quarter worth about $46,000. Finally, CIBC Private Wealth Group LLC lifted its position in shares of AST SpaceMobile by 106.3% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Trading Up 11.9 %

The stock has a 50 day moving average of $24.36 and a 200-day moving average of $25.47. The company has a market capitalization of $9.27 billion, a P/E ratio of -15.30 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.

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.