AST SpaceMobile (NASDAQ:ASTS) Trading 1.8% Higher – Time to Buy?

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) were up 1.8% on Wednesday . The company traded as high as $24.95 and last traded at $23.82. Approximately 3,050,916 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 10,616,353 shares. The stock had previously closed at $23.39.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ASTS. B. Riley lifted their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Scotiabank reduced their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a research report on Friday, November 15th. 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. Finally, UBS Group lifted their target price on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

AST SpaceMobile Stock Performance

The business’s 50-day simple moving average is $25.07 and its 200 day simple moving average is $19.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80.

Insiders Place Their Bets

In other news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the transaction, the president now owns 712,660 shares of the company’s stock, valued at $16,476,699.20. The trade was a 0.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 transaction of $1,091,700.00. Following the sale, the chief technology officer now directly owns 55,000 shares of the company’s stock, valued at approximately $1,334,300. This represents a 45.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,700 shares of company stock worth $3,220,524 over the last ninety days. Company insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Fairfield Financial Advisors LTD acquired a new position in shares of AST SpaceMobile in the 3rd quarter worth $26,000. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at $26,000. Rakuten Securities Inc. purchased a new position in AST SpaceMobile in the 3rd quarter worth about $68,000. Sunbelt Securities Inc. raised its holdings in 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 buying an additional 3,380 shares during the period. Finally, KBC Group NV purchased a new stake in AST SpaceMobile during the third quarter valued at about $104,000. Institutional investors own 60.95% of the company’s stock.

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.