AST SpaceMobile (NASDAQ:ASTS) Price Target Raised to $38.00

AST SpaceMobile (NASDAQ:ASTS) had its price target upped by UBS Group from $31.00 to $38.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

ASTS has been the subject of a number of other reports. Scotiabank raised their price target on shares of AST SpaceMobile from $40.20 to $47.90 and gave the company a “sector outperform” rating in a report on Wednesday. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a research note on Tuesday. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $42.98.

AST SpaceMobile Stock Performance

Shares of ASTS stock opened at $33.80 on Wednesday. The company’s fifty day simple moving average is $24.57 and its 200-day simple moving average is $25.53. The company has a market cap of $9.79 billion, a PE ratio of -15.94 and a beta of 1.62. AST SpaceMobile has a 52 week low of $1.97 and a 52 week high of $39.08. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in AST SpaceMobile by 235.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company’s stock valued at $6,479,000 after buying an additional 174,007 shares during the period. Van ECK Associates Corp grew its stake in AST SpaceMobile by 141.1% during the 3rd quarter. Van ECK Associates Corp now owns 103,437 shares of the company’s stock valued at $2,716,000 after acquiring an additional 60,530 shares in the last quarter. Algert Global LLC purchased a new position in shares of AST SpaceMobile during the 3rd quarter valued at $768,000. Handelsbanken Fonder AB acquired a new position in AST SpaceMobile in the fourth quarter worth approximately $755,000. Finally, Oppenheimer & Co. Inc. raised its holdings in AST SpaceMobile by 6.0% during the third quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock valued at $22,125,000 after buying an additional 47,600 shares in the last quarter. 60.95% of the stock is currently owned by 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.