AST SpaceMobile (NASDAQ:ASTS) Shares Gap Up on Analyst Upgrade

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price gapped up before the market opened on Wednesday after UBS Group raised their price target on the stock from $31.00 to $38.00. The stock had previously closed at $28.61, but opened at $30.12. UBS Group currently has a buy rating on the stock. AST SpaceMobile shares last traded at $32.32, with a volume of 6,090,210 shares.

A number of other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of AST SpaceMobile in a research report on Tuesday. Scotiabank boosted their target price on AST SpaceMobile from $40.20 to $47.90 and gave the company a “sector outperform” rating in a report on Wednesday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $42.98.

Institutional Trading of AST SpaceMobile

Several institutional investors and hedge funds have recently bought and sold shares of ASTS. Hollencrest Capital Management acquired a new position in AST SpaceMobile in the third quarter valued at $26,000. Summit Securities Group LLC purchased a new position in shares of AST SpaceMobile during the fourth quarter worth about $37,000. Bernard Wealth Management Corp. acquired a new position in AST SpaceMobile in the 4th quarter valued at about $42,000. Golden State Wealth Management LLC acquired a new position in AST SpaceMobile in the 4th quarter valued at about $46,000. Finally, CIBC Private Wealth Group LLC raised its stake in AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock valued at $53,000 after acquiring an additional 1,222 shares during the last quarter. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Stock Up 18.1 %

The business has a 50-day simple moving average of $24.57 and a two-hundred day simple moving average of $25.53. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of -15.94 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

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.