AST SpaceMobile (NASDAQ:ASTS) Trading Up 1% – Still a Buy?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were up 1% on Wednesday . The company traded as high as $23.79 and last traded at $23.49. Approximately 2,293,361 shares changed hands during trading, a decline of 78% from the average daily volume of 10,370,488 shares. The stock had previously closed at $23.25.

Analyst Ratings Changes

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

AST SpaceMobile Price Performance

The business has a 50 day moving average price of $24.60 and a two-hundred day moving average price of $22.11. The stock has a market cap of $6.81 billion, a PE ratio of -11.08 and a beta of 1.60. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 45,000 shares of AST SpaceMobile stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total value of $1,091,700.00. Following the transaction, the chief technology officer now owns 55,000 shares in the company, valued at $1,334,300. This trade represents a 45.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Shanti B. Gupta sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the completion of the transaction, the chief operating officer now owns 393,232 shares in the company, valued at $10,157,182.56. This represents a 16.91 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,700 shares of company stock worth $3,220,524. 41.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently made changes to their positions in ASTS. Fairfield Financial Advisors LTD purchased a new stake in shares of AST SpaceMobile in the 3rd quarter worth about $26,000. Hollencrest Capital Management purchased a new stake in AST SpaceMobile in the third quarter worth about $26,000. Rakuten Securities Inc. bought a new stake in AST SpaceMobile during the 3rd quarter valued at approximately $68,000. Sunbelt Securities Inc. raised its position in shares of AST SpaceMobile by 3,380.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after acquiring an additional 3,380 shares in the last quarter. Finally, KBC Group NV purchased a new position in shares of AST SpaceMobile in the 3rd quarter valued at approximately $104,000. Institutional investors own 60.95% of the company’s stock.

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.