AST SpaceMobile (NASDAQ:ASTS) Trading 11.6% Higher - Still a Buy?

AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report)'s share price shot up 11.6% on Wednesday . The company traded as high as $23.90 and last traded at $23.77. 3,138,339 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 12,383,488 shares. The stock had previously closed at $21.30.

Wall Street Analyst Weigh In

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

AST SpaceMobile Trading Down 1.3 %

The stock has a fifty day moving average of $25.55 and a 200-day moving average of $24.59. The company has a market cap of $7.52 billion, a PE ratio of -11.21 and a beta of 1.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insider Activity

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

Hedge Funds Weigh In On AST SpaceMobile

Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in shares of AST SpaceMobile by 235.9% in the third quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company's stock valued at $6,479,000 after purchasing an additional 174,007 shares during the period. Key Colony Management LLC raised its position in AST SpaceMobile by 44.1% during the 4th quarter. Key Colony Management LLC now owns 196,000 shares of the company's stock valued at $4,136,000 after purchasing an additional 60,000 shares in the last quarter. Lake Hills Wealth Management LLC purchased a new stake in shares of AST SpaceMobile in the 4th quarter worth $374,000. KBC Group NV grew its position in shares of AST SpaceMobile by 63.8% during the 4th quarter. KBC Group NV now owns 6,509 shares of the company's stock worth $137,000 after buying an additional 2,536 shares in the last quarter. Finally, MBE Wealth Management LLC increased its stake in shares of AST SpaceMobile by 7.0% during the fourth quarter. MBE Wealth Management LLC now owns 39,718 shares of the company's stock valued at $838,000 after buying an additional 2,602 shares during the period. 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.