T. Rowe Price Investment Management Inc. Purchases New Shares in AST SpaceMobile, Inc. (NASDAQ:ASTS)

T. Rowe Price Investment Management Inc. acquired a new stake in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,820,984 shares of the company's stock, valued at approximately $59,523,000. T. Rowe Price Investment Management Inc. owned about 0.97% of AST SpaceMobile as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in AST SpaceMobile by 49.4% during the fourth quarter. Vanguard Group Inc. now owns 14,987,351 shares of the company's stock valued at $316,233,000 after acquiring an additional 4,955,941 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of AST SpaceMobile by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company's stock valued at $73,801,000 after purchasing an additional 229,759 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of AST SpaceMobile by 11.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock valued at $26,728,000 after purchasing an additional 135,008 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in AST SpaceMobile by 0.9% during the fourth quarter. Oppenheimer & Co. Inc. now owns 854,063 shares of the company's stock worth $18,021,000 after purchasing an additional 7,991 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in AST SpaceMobile by 57.6% in the fourth quarter. Bank of New York Mellon Corp now owns 641,678 shares of the company's stock worth $13,539,000 after purchasing an additional 234,517 shares in the last quarter. 60.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Activity at AST SpaceMobile

In other news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was 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 of the company's stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 41.80% of the stock is owned by insiders.

AST SpaceMobile Stock Down 4.1 %

Shares of AST SpaceMobile stock traded down $0.99 during trading hours on Wednesday, reaching $22.91. The company's stock had a trading volume of 4,468,355 shares, compared to its average volume of 12,496,074. The company has a market capitalization of $7.25 billion, a P/E ratio of -10.81 and a beta of 1.81. The stock's fifty day simple moving average is $25.26 and its two-hundred day simple moving average is $24.60. AST SpaceMobile, Inc. has a one year low of $2.12 and a one year high of $39.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

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.