AST SpaceMobile, Inc. (NASDAQ:ASTS) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN lifted its position in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 25.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 117,822 shares of the company's stock after purchasing an additional 23,746 shares during the quarter. Wells Fargo & Company MN's holdings in AST SpaceMobile were worth $2,486,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Summit Securities Group LLC bought a new position in AST SpaceMobile during the 4th quarter valued at approximately $37,000. Golden State Wealth Management LLC bought a new position in AST SpaceMobile during the 4th quarter valued at approximately $46,000. CIBC Private Wealth Group LLC raised its position in AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after purchasing an additional 1,222 shares during the last quarter. AlphaQuest LLC bought a new position in AST SpaceMobile during the 4th quarter valued at approximately $67,000. Finally, SRS Capital Advisors Inc. raised its position in AST SpaceMobile by 554.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 3,482 shares of the company's stock valued at $73,000 after purchasing an additional 2,950 shares during the last quarter. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the sale, the director now directly owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 41.80% of the company's stock.

AST SpaceMobile Price Performance

Shares of NASDAQ ASTS traded down $1.29 during mid-day trading on Wednesday, hitting $22.61. 1,658,178 shares of the company's stock traded hands, compared to its average volume of 12,485,612. The company's 50-day moving average is $25.26 and its two-hundred day moving average is $24.60. 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 company has a market capitalization of $7.16 billion, a P/E ratio of -10.61 and a beta of 1.81. AST SpaceMobile, Inc. has a 1 year low of $2.12 and a 1 year high of $39.08.

Wall Street Analyst Weigh In

A number of research analysts have commented on ASTS shares. UBS Group upped their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Roth Capital began coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They issued a "buy" rating and a $42.00 price target on the stock. Scotiabank restated an "outperform" rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $30.00 target price on shares of AST SpaceMobile in a research note on Tuesday, March 4th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $42.82.

AST SpaceMobile 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.