AST SpaceMobile (NASDAQ:ASTS) Stock Price Up 1.1% – Time to Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price shot up 1.1% on Wednesday . The company traded as high as $29.20 and last traded at $28.86. 2,191,847 shares were traded during mid-day trading, a decline of 82% from the average session volume of 11,975,451 shares. The stock had previously closed at $28.55.

Wall Street Analysts Forecast Growth

ASTS has been the subject of a number of analyst reports. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. UBS Group lifted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, AST SpaceMobile presently has an average rating of “Buy” and an average price target of $42.98.

AST SpaceMobile Stock Down 6.7 %

The stock’s 50-day simple moving average is $26.38 and its 200-day simple moving average is $25.17. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $7.61 billion, a P/E ratio of -11.35 and a beta of 1.62.

Insider Activity

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $30.73, for a total value of $614,600.00. Following the transaction, the director now owns 52,628 shares of the company’s stock, valued at approximately $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 41.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in AST SpaceMobile by 235.9% during the third quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock valued at $6,479,000 after buying an additional 174,007 shares during the period. Charles Schwab Investment Management Inc. boosted 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 valued at $26,728,000 after acquiring an additional 135,008 shares during the last quarter. Algert Global LLC bought a new position in shares of AST SpaceMobile during the 3rd quarter valued at approximately $768,000. Handelsbanken Fonder AB purchased a new stake in shares of AST SpaceMobile during the 4th quarter worth approximately $755,000. Finally, Van ECK Associates Corp raised its holdings 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 worth $5,460,000 after purchasing an additional 155,310 shares during the period. 60.95% of the stock is currently 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.