AST SpaceMobile, Inc. (NASDAQ:ASTS – Get Free Report)’s share price traded down 4% during mid-day trading on Thursday . The stock traded as low as $26.08 and last traded at $26.45. 3,127,115 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 11,855,674 shares. The stock had previously closed at $27.56.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on the stock. Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, UBS Group upped their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $42.98.
Read Our Latest Analysis on AST SpaceMobile
AST SpaceMobile Stock Performance
Insider Buying and Selling
In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares in the company, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 41.80% of the stock is owned by company insiders.
Hedge Funds Weigh In On AST SpaceMobile
A number of large investors have recently bought and sold shares of the company. Amalgamated Bank raised its position in AST SpaceMobile by 17.4% during the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock worth $120,000 after buying an additional 679 shares during the last quarter. Xponance Inc. raised its position in AST SpaceMobile by 8.7% during the 4th quarter. Xponance Inc. now owns 9,676 shares of the company’s stock worth $204,000 after buying an additional 772 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after buying an additional 1,222 shares during the last quarter. Americana Partners LLC raised its position in AST SpaceMobile by 5.2% during the 4th quarter. Americana Partners LLC now owns 27,047 shares of the company’s stock worth $571,000 after buying an additional 1,326 shares during the last quarter. Finally, Axxcess Wealth Management LLC raised its position in AST SpaceMobile by 16.7% during the 4th quarter. Axxcess Wealth Management LLC now owns 10,562 shares of the company’s stock worth $223,000 after buying an additional 1,508 shares during the last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.
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.
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