AST SpaceMobile (NASDAQ:ASTS) Trading 6.2% Higher – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS) was up 6.2% on Wednesday . The company traded as high as $26.06 and last traded at $25.75. Approximately 2,613,859 shares were traded during trading, a decline of 75% from the average daily volume of 10,513,556 shares. The stock had previously closed at $24.25.

Analysts Set New Price Targets

Several brokerages have issued reports on ASTS. Scotiabank upped their target price on AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a report on Monday, August 26th. B. Riley raised their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, UBS Group increased their price target on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 15th.

AST SpaceMobile Stock Down 0.1 %

The stock has a market capitalization of $7.33 billion, a price-to-earnings ratio of -28.04 and a beta of 1.62. The business has a 50-day moving average of $27.42 and a 200-day moving average of $14.94. The company has a debt-to-equity ratio of 0.83, a quick ratio of 6.38 and a current ratio of 6.38.

AST SpaceMobile (NASDAQ:ASTS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.00 million. On average, sell-side analysts expect that AST SpaceMobile, Inc. will post -0.88 EPS for the current year.

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 45,000 shares of the stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the transaction, the chief technology officer now owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Shanti B. Gupta sold 80,000 shares of the company’s stock in a transaction 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 sale, the chief operating officer now owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Huiwen Yao sold 45,000 shares of the 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 completion of the sale, the chief technology officer now owns 55,000 shares in the company, valued at approximately $1,334,300. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,700 shares of company stock worth $3,220,524. Insiders own 56.56% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds have recently bought and sold shares of the stock. BNP Paribas purchased a new stake in shares of AST SpaceMobile during the first quarter worth approximately $43,000. Principal Financial Group Inc. acquired a new position in AST SpaceMobile during the 1st quarter worth approximately $45,000. Black Maple Capital Management LP purchased a new stake in shares of AST SpaceMobile in the 1st quarter valued at approximately $87,000. Future Financial Wealth Managment LLC acquired a new stake in shares of AST SpaceMobile in the 3rd quarter valued at $105,000. Finally, Calton & Associates Inc. purchased a new stake in shares of AST SpaceMobile during the 2nd quarter worth $128,000. 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.