AST SpaceMobile (NASDAQ:ASTS) Shares Up 22.6% – Still a Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS) shares shot up 22.6% during trading on Monday . The company traded as high as $32.78 and last traded at $32.51. 15,913,193 shares were traded during trading, an increase of 48% from the average session volume of 10,731,565 shares. The stock had previously closed at $26.51.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. UBS Group lifted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, November 15th. Scotiabank decreased their price target on AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating on the stock in a research note on Friday, January 24th. Finally, Cantor Fitzgerald began coverage on AST SpaceMobile in a research report on Thursday, February 6th. They issued an “overweight” rating and a $30.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $40.04.

AST SpaceMobile Stock Down 2.8 %

The company has a market cap of $8.00 billion, a P/E ratio of -13.02 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The business’s 50 day moving average price is $22.82 and its 200-day moving average price is $24.68.

Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Amalgamated Bank raised its holdings in shares of AST SpaceMobile by 17.4% in the third quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after buying an additional 679 shares during the last quarter. Xponance Inc. increased its position in AST SpaceMobile by 8.7% in the 4th quarter. Xponance Inc. now owns 9,676 shares of the company’s stock valued at $204,000 after acquiring an additional 772 shares in the last quarter. Fairfield Financial Advisors LTD acquired a new stake in AST SpaceMobile in the 3rd quarter valued at about $26,000. Hollencrest Capital Management bought a new position in shares of AST SpaceMobile in the third quarter worth about $26,000. Finally, CIBC Private Wealth Group LLC lifted its position in shares of AST SpaceMobile by 106.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares in the last quarter. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.