AST SpaceMobile (NASDAQ:ASTS) Trading Up 6.5% – Time to Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price traded up 6.5% during mid-day trading on Monday . The company traded as high as $28.25 and last traded at $27.38. 3,673,867 shares were traded during trading, a decline of 70% from the average session volume of 12,121,258 shares. The stock had previously closed at $25.71.

Analysts Set New Price Targets

ASTS has been the topic of several research analyst reports. Scotiabank restated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. UBS Group upped their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, AST SpaceMobile currently has an average rating of “Buy” and a consensus price target of $42.98.

AST SpaceMobile Price Performance

The company’s 50-day moving average price is $26.17 and its 200-day moving average price is $25.15. 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 firm has a market cap of $9.04 billion, a price-to-earnings ratio of -13.47 and a beta of 1.62.

Insiders Place Their Bets

In other news, Director Julio A. Torres sold 20,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the sale, the director now owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 41.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its position in AST SpaceMobile by 235.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock valued at $6,479,000 after purchasing an additional 174,007 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in AST SpaceMobile by 11.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock worth $26,728,000 after acquiring an additional 135,008 shares during the last quarter. Algert Global LLC purchased a new position in AST SpaceMobile in the third quarter worth approximately $768,000. Handelsbanken Fonder AB acquired a new position in AST SpaceMobile during the 4th quarter worth approximately $755,000. Finally, Van ECK Associates Corp increased its position in shares of AST SpaceMobile by 150.1% in the 4th quarter. Van ECK Associates Corp now owns 258,747 shares of the company’s stock valued at $5,460,000 after purchasing an additional 155,310 shares during the last quarter. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

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.