AST SpaceMobile (NASDAQ:ASTS) Shares Up 0.9% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) rose 0.9% on Tuesday . The stock traded as high as $23.67 and last traded at $23.45. Approximately 933,092 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 10,364,271 shares. The stock had previously closed at $23.25.

Analysts Set New Price Targets

Several brokerages recently commented on ASTS. Scotiabank dropped their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft increased their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. B. Riley raised their price target on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, UBS Group upped their price objective on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

AST SpaceMobile Trading Up 1.0 %

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 company has a fifty day simple moving average of $24.61 and a 200-day simple moving average of $22.00. The company has a market capitalization of $6.81 billion, a PE ratio of -11.08 and a beta of 1.60.

Insiders Place Their Bets

In related news, COO Shanti B. Gupta sold 80,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the completion of the transaction, the chief operating officer now directly owns 393,232 shares in the company, valued at approximately $10,157,182.56. This represents a 16.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction on Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the completion of the sale, the president now owns 712,660 shares in the company, valued at $16,476,699.20. This represents a 0.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,700 shares of company stock valued at $3,220,524 over the last ninety days. Company insiders own 41.80% of the company’s stock.

Institutional Trading of AST SpaceMobile

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its position in AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock valued at $85,450,000 after buying an additional 281,749 shares during the last quarter. State Street Corp lifted its holdings in shares of AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after acquiring an additional 399,713 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of AST SpaceMobile by 228.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after purchasing an additional 787,566 shares during the period. Oppenheimer & Co. Inc. increased its holdings in AST SpaceMobile by 6.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock valued at $22,125,000 after purchasing an additional 47,600 shares during the last quarter. Finally, Privium Fund Management B.V. purchased a new stake in AST SpaceMobile in the third quarter valued at approximately $21,476,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.