AST SpaceMobile (NASDAQ:ASTS) Shares Up 7.5%

AST SpaceMobile, Inc. (NASDAQ:ASTS) rose 7.5% during mid-day trading on Friday . The stock traded as high as $29.10 and last traded at $28.81. Approximately 5,733,219 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 10,339,671 shares. The stock had previously closed at $26.79.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ASTS shares. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. B. Riley boosted their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. UBS Group upped their target price on AST SpaceMobile from $13.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Scotiabank boosted their price objective on AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th.

AST SpaceMobile Price Performance

The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of -29.40 and a beta of 1.63. The company has a fifty day moving average price of $22.32 and a two-hundred day moving average price of $10.98. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.05. The firm had revenue of $0.90 million during the quarter, compared to analysts’ expectations of $2.00 million. On average, equities research analysts expect that AST SpaceMobile, Inc. will post -0.88 EPS for the current fiscal year.

Insider Transactions at AST SpaceMobile

In other AST SpaceMobile news, Director Adriana Cisneros bought 4,934 shares of AST SpaceMobile stock in a transaction dated Friday, September 6th. The stock was bought at an average cost of $26.32 per share, for a total transaction of $129,862.88. Following the purchase, the director now owns 774,772 shares in the company, valued at approximately $20,391,999.04. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 56.56% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. bought a new stake in shares of AST SpaceMobile in the 4th quarter worth $65,000. PNC Financial Services Group Inc. boosted its stake in shares of AST SpaceMobile by 319.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 163,296 shares of the company’s stock valued at $985,000 after buying an additional 124,322 shares during the period. IPG Investment Advisors LLC acquired a new position in AST SpaceMobile in the 4th quarter worth about $96,000. Rathbones Group PLC bought a new position in AST SpaceMobile during the fourth quarter valued at approximately $76,000. Finally, Cantor Fitzgerald L. P. acquired a new position in shares of AST SpaceMobile during the 4th quarter valued at about $66,000. 60.95% of the stock is owned by institutional investors.

About AST SpaceMobile

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.