AST SpaceMobile (NASDAQ:ASTS) Shares Up 1.7% – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s share price was up 1.7% during mid-day trading on Wednesday . The stock traded as high as $87.25 and last traded at $84.43. Approximately 10,302,144 shares traded hands during trading, a decline of 39% from the average daily volume of 16,818,107 shares. The stock had previously closed at $83.03.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of AST SpaceMobile in a research note on Tuesday, January 20th. B. Riley Financial lowered their price target on shares of AST SpaceMobile from $105.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Scotiabank downgraded AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $45.60 price objective on the stock. in a report on Wednesday, January 7th. Zacks Research lowered AST SpaceMobile from a “hold” rating to a “strong sell” rating in a research report on Friday, January 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AST SpaceMobile in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $52.94.

AST SpaceMobile Trading Up 1.7%

The company has a market cap of $30.99 billion, a P/E ratio of -68.09 and a beta of 2.70. The firm’s 50 day moving average is $91.93 and its two-hundred day moving average is $70.78. The company has a quick ratio of 9.48, a current ratio of 9.56 and a debt-to-equity ratio of 0.43.

Insider Buying and Selling

In related news, CAO Maya Bernal sold 6,000 shares of AST SpaceMobile stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $73.76, for a total value of $442,560.00. Following the transaction, the chief accounting officer directly owned 122,486 shares of the company’s stock, valued at $9,034,567.36. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Huiwen Yao sold 40,000 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $73.52, for a total transaction of $2,940,800.00. Following the sale, the chief technology officer directly owned 4,750 shares of the company’s stock, valued at $349,220. This represents a 89.39% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have acquired 2,765 shares of company stock valued at $187,236 and have sold 2,354,621 shares valued at $164,348,075. Corporate insiders own 30.90% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently modified their holdings of ASTS. REAP Financial Group LLC acquired a new position in AST SpaceMobile in the third quarter valued at $25,000. Crewe Advisors LLC acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at about $25,000. Laurel Wealth Advisors LLC acquired a new position in shares of AST SpaceMobile in the 4th quarter valued at about $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of AST SpaceMobile during the 2nd quarter valued at about $28,000. Finally, Byrne Asset Management LLC acquired a new stake in AST SpaceMobile during the fourth quarter worth approximately $29,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

AST SpaceMobile Company Profile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.