AST SpaceMobile (NASDAQ:ASTS) Shares Up 3.1%

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price was up 3.1% on Monday . The stock traded as high as $19.95 and last traded at $19.08. Approximately 7,369,062 shares traded hands during trading, a decline of 6% from the average daily volume of 7,839,512 shares. The stock had previously closed at $18.51.

Wall Street Analysts Forecast Growth

ASTS has been the topic of a number of analyst reports. UBS Group upped their price target on shares of AST SpaceMobile from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Scotiabank upped their target price on shares of AST SpaceMobile from $7.40 to $12.90 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th.

AST SpaceMobile Stock Performance

The company has a quick ratio of 7.51, a current ratio of 7.51 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $5.06 billion, a P/E ratio of -20.04 and a beta of 1.61. The business has a fifty day moving average price of $12.66 and a 200-day moving average price of $6.37.

AST SpaceMobile (NASDAQ:ASTS) last posted its earnings results on Wednesday, May 15th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The company had revenue of $0.50 million for the quarter, compared to the consensus estimate of $3.00 million. On average, sell-side analysts expect that AST SpaceMobile, Inc. will post -0.65 EPS for the current year.

Hedge Funds Weigh In On AST SpaceMobile

Several hedge funds and other institutional investors have recently modified their holdings of the company. Quest Partners LLC purchased a new stake in AST SpaceMobile during the second quarter valued at $595,000. Victory Capital Management Inc. increased its position in shares of AST SpaceMobile by 5.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock valued at $180,000 after purchasing an additional 814 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of AST SpaceMobile by 55.1% in the 2nd quarter. Rhumbline Advisers now owns 181,966 shares of the company’s stock worth $2,113,000 after purchasing an additional 64,658 shares during the period. Hussman Strategic Advisors Inc. purchased a new position in shares of AST SpaceMobile in the second quarter worth approximately $610,000. Finally, NewGen Asset Management Ltd bought a new stake in AST SpaceMobile during the second quarter valued at approximately $2,902,000. 60.95% of the stock is owned by 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.