AST SpaceMobile (NASDAQ:ASTS) Trading 2.4% Higher – Here’s Why

On Thursday, AST SpaceMobile, Inc. (NASDAQ:ASTS) experienced a stock price increase of 2.4%. The shares were noted to have traded at a high of $24.35, ultimately closing at $24.06. During mid-day trading, about 1,633,559 shares changed hands, which is a significant drop of 84% compared to the average daily trading volume of 10,334,473 shares. The stock had previously closed at $23.49.

Wall Street Analyst Opinions

AST SpaceMobile has recently been analyzed in several research reports. Deutsche Bank Aktiengesellschaft raised its price target for AST SpaceMobile shares from $22.00 to an impressive $63.00, assigning the stock a "buy" rating on September 4th. Additionally, UBS Group slightly increased their target price for the company from $30.00 to $31.00 while maintaining a "buy" rating in their report dated November 15th. In contrast, Scotiabank lowered its price target from $45.90 to $44.70 but still rated the stock as "sector outperform" in another note from November 15th.

AST SpaceMobile Stock Performance

The company holds a debt-to-equity ratio of 0.31, with a current ratio and quick ratio both standing at 5.80. For investors tracking performance metrics, the stock has a 50-day moving average of $24.32 and a 200-day moving average of $22.23. As of now, AST SpaceMobile's market capitalization is approximately $6.64 billion, and it has a PE ratio of -10.81 with a beta of 1.60.

Insider Transactions

There have been notable insider activities reported as well. On September 30th, President Scott Wisniewski sold 2,700 shares at an average price of $23.12, totaling $62,424. Following this sale, Wisniewski retains ownership of 712,660 shares valued at $16,476,699.20, marking a 0.38% decrease in his holdings. In another transaction on the same date, COO Shanti B. Gupta sold 80,000 shares for an average price of $25.83, totaling $2,066,400.00. After this transaction, Gupta's remaining shares stand at 393,232, worth $10,157,182.56, representing a decrease of 16.91%. In the past three months, insiders have sold a total of 127,700 shares worth $3,220,524, with corporate insiders currently holding 41.80% of the company's stock.

Institutional Investors

Recent activity among significant investors shows fluctuating interests in AST SpaceMobile shares. In the third quarter, Fairfield Financial Advisors LTD bought a new stake in the company valued at around $26,000. Hollencrest Capital Management also acquired a new stake worth about $26,000 during the same period. Furthermore, Rakuten Securities Inc. invested approximately $68,000. Sunbelt Securities Inc. significantly increased their holdings by 3,380.0%, owning 3,480 shares valued at $91,000 after adding 3,380 shares in the last quarter. Lastly, KBC Group NV purchased a new position valued at $104,000 in the same quarter. Notably, hedge funds and institutional investors collectively hold 60.95% of AST SpaceMobile stock.

About AST SpaceMobile

AST SpaceMobile, Inc. specializes in creating a space-based cellular broadband network aimed at providing connectivity for smartphones across the United States. Their SpaceMobile service delivers cellular broadband to users situated outside standard terrestrial cellular coverage. Established in 2017, the company is headquartered in Midland, Texas.

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