AST SpaceMobile (NASDAQ:ASTS) Given New $44.00 Price Target at B. Riley

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) had its target price raised by equities researchers at B. Riley from $36.00 to $44.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley's price target indicates a potential upside of 6.92% from the company's current price.

Several other equities analysts have also issued reports on the company. Roth Capital initiated coverage on AST SpaceMobile in a report on Thursday, April 10th. They set a "buy" rating and a $42.00 price target on the stock. Scotiabank cut their target price on shares of AST SpaceMobile from $47.90 to $45.40 and set a "sector outperform" rating on the stock in a research note on Tuesday, May 13th. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a report on Tuesday, March 4th. UBS Group boosted their target price on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Finally, Oppenheimer started coverage on AST SpaceMobile in a report on Monday, May 5th. They set a "market perform" rating for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, AST SpaceMobile currently has a consensus rating of "Moderate Buy" and an average price target of $43.73.

AST SpaceMobile Trading Up 7.3%

NASDAQ ASTS traded up $2.78 during mid-day trading on Monday, reaching $41.15. 13,298,943 shares of the stock were exchanged, compared to its average volume of 12,404,669. The stock has a market cap of $13.02 billion, a P/E ratio of -19.44 and a beta of 2.02. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. AST SpaceMobile has a one year low of $9.32 and a one year high of $42.88. The stock has a 50 day simple moving average of $25.74 and a 200-day simple moving average of $25.08.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The firm had revenue of $0.72 million during the quarter, compared to analysts' expectations of $3.85 million. On average, analysts anticipate that AST SpaceMobile will post -0.4 EPS for the current year.

Insider Activity

In other AST SpaceMobile news, CTO Huiwen Yao sold 55,000 shares of AST SpaceMobile stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $26.82, for a total transaction of $1,475,100.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Shanti B. Gupta sold 15,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $36.08, for a total value of $541,200.00. Following the completion of the transaction, the chief operating officer now owns 315,667 shares in the company, valued at $11,389,265.36. The trade was a 4.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 174,250 shares of company stock worth $5,728,350 over the last 90 days. 34.15% of the stock is currently owned by corporate insiders.

Institutional Trading of AST SpaceMobile

A number of institutional investors and hedge funds have recently modified their holdings of the business. Sunbelt Securities Inc. boosted its holdings in AST SpaceMobile by 61.9% in the 1st quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company's stock valued at $30,000 after purchasing an additional 505 shares during the period. Xponance Inc. raised its position in shares of AST SpaceMobile by 5.9% in the first quarter. Xponance Inc. now owns 10,244 shares of the company's stock worth $233,000 after buying an additional 568 shares in the last quarter. Close Asset Management Ltd boosted its stake in AST SpaceMobile by 72.4% during the first quarter. Close Asset Management Ltd now owns 1,810 shares of the company's stock valued at $41,000 after buying an additional 760 shares during the period. KBC Group NV grew its position in AST SpaceMobile by 15.6% during the first quarter. KBC Group NV now owns 7,525 shares of the company's stock worth $171,000 after buying an additional 1,016 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock worth $53,000 after acquiring an additional 1,222 shares during the last quarter. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Company 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.

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