AST SpaceMobile (NASDAQ:ASTS) Trading 1.8% Higher – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price shot up 1.8% on Wednesday . The stock traded as high as $24.95 and last traded at $23.82. 3,050,916 shares traded hands during trading, a decline of 71% from the average session volume of 10,616,353 shares. The stock had previously closed at $23.39.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ASTS. Scotiabank dropped their target price on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a report on Friday, November 15th. UBS Group increased their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. B. Riley boosted their price target on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th.

AST SpaceMobile Stock Performance

The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average is $25.07 and its two-hundred day moving average is $19.64.

Insider Activity

In related news, COO Shanti B. Gupta sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the completion of the sale, the chief operating officer now directly owns 393,232 shares in the company, valued at approximately $10,157,182.56. The trade was a 16.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Huiwen Yao sold 45,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total value of $1,091,700.00. Following the transaction, the chief technology officer now owns 55,000 shares in the company, valued at approximately $1,334,300. This trade represents a 45.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,700 shares of company stock worth $3,220,524. 41.80% of the stock is owned by corporate insiders.

Institutional Trading of AST SpaceMobile

Several large investors have recently modified their holdings of ASTS. Fairfield Financial Advisors LTD bought a new position in AST SpaceMobile in the 3rd quarter worth $26,000. Hollencrest Capital Management acquired a new stake in shares of AST SpaceMobile in the third quarter valued at about $26,000. Rakuten Securities Inc. bought a new position in shares of AST SpaceMobile in the third quarter worth about $68,000. Sunbelt Securities Inc. lifted its position in shares of AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after purchasing an additional 3,380 shares during the last quarter. Finally, KBC Group NV acquired a new position in shares of AST SpaceMobile during the 3rd quarter worth about $104,000. 60.95% of the stock is 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.