AST SpaceMobile (NASDAQ:ASTS) Sees Large Volume Increase on Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS) saw unusually-strong trading volume on Monday after Scotiabank raised their price target on the stock from $21.10 to $28.00. Scotiabank currently has a sector outperform rating on the stock. Approximately 3,903,830 shares were traded during trading, a decline of 56% from the previous session’s volume of 8,857,319 shares.The stock last traded at $33.15 and had previously closed at $31.03.

ASTS has been the topic of several other reports. UBS Group increased their price objective on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 15th. B. Riley raised their price target on shares of AST SpaceMobile from $15.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, August 15th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASTS. BNP Paribas acquired a new stake in shares of AST SpaceMobile in the first quarter valued at about $43,000. Principal Financial Group Inc. acquired a new stake in AST SpaceMobile in the 1st quarter valued at about $45,000. Summit Trail Advisors LLC purchased a new position in AST SpaceMobile in the 1st quarter worth approximately $47,000. Victory Capital Management Inc. acquired a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $65,000. Finally, Cantor Fitzgerald L. P. purchased a new stake in shares of AST SpaceMobile in the fourth quarter valued at approximately $66,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Stock Performance

The stock has a market cap of $8.84 billion, a price-to-earnings ratio of -35.02 and a beta of 1.61. The company has a debt-to-equity ratio of 0.56, a current ratio of 7.51 and a quick ratio of 7.51. The firm has a fifty day moving average of $15.89 and a 200 day moving average of $7.90.

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.