AST SpaceMobile (NASDAQ:ASTS) Trading Up 0.8% - What's Next?

AST SpaceMobile, Inc. (NASDAQ:ASTS) saw a stock price increase of 0.8% on Tuesday. The stock reached a high of $24.70 and ended the day at $24.49. During trading, a total of 1,477,418 shares exchanged hands, which is significantly lower at 86% from the average session volume of 10,434,182 shares. The previous closing price was $24.30.

In recent updates, several analysts have shared their opinions on AST SpaceMobile’s potential. B. Riley recently raised their price target for the stock from $26.00 to $36.00 while maintaining a "buy" rating in a report on August 29th. Scotiabank adjusted their price target down from $45.90 to $44.70, categorizing it as a "sector outperform" in a report published on November 15th. Deutsche Bank increased their price target significantly from $22.00 to $63.00, also giving it a "buy" rating on September 4th. Lastly, UBS Group modified their price objective from $30.00 to $31.00, reaffirming a "buy" rating on November 15th.

AST SpaceMobile’s Recent Trading Activity

The company’s 50-day moving average is at $24.65, while the 200-day average sits at $21.48. The company shows strong financial ratios with a current ratio of 5.80, a quick ratio of 5.80, and a low debt-to-equity ratio of 0.31. AST SpaceMobile has a market capitalization of $7.23 billion and a price-to-earnings ratio of -11.55, with a beta of 1.60.

Insider Trading at AST SpaceMobile

Recent insider trading activities have seen some executives selling their shares. CTO Huiwen Yao sold 45,000 shares on October 8th at an average price of $24.26, netting about $1,091,700. After this sale, he retains ownership of 55,000 shares valued at around $1,334,300, reflecting a decrease of 45% in his position. Additionally, President Scott Wisniewski sold 2,700 shares on September 30th at an average price of $23.12, totaling $62,424. Following this transaction, he holds 712,660 shares, valued at approximately $16,476,699. Insiders have sold a total of 127,700 shares worth $3,220,524 in the last three months, indicating that about 41.80% of the stock is owned by corporate insiders.

Institutional Investment Trends in AST SpaceMobile

Various institutional investors and hedge funds have recently adjusted their holdings in AST SpaceMobile. Geode Capital Management LLC increased their stake by 9.4% in the third quarter, now owning 3,267,066 shares valued at $85,450,000, after acquiring an additional 281,749 shares. Meanwhile, State Street Corp boosted its position by 14.8%, holding 3,091,577 shares valued at $80,845,000 after a purchase of 399,713 shares. Charles Schwab Investment Management Inc. significantly increased their stake by 228.9% in the same quarter, owning 1,131,705 shares worth $29,594,000. Oppenheimer & Co. Inc. raised their stake by 6.0%, now owning 846,072 shares valued at $22,125,000 after buying an additional 47,600 shares. Finally, Privium Fund Management B.V. purchased a new position worth approximately $21,476,000 during the third quarter. Overall, institutional investors own 60.95% of the company’s shares.

About AST SpaceMobile

AST SpaceMobile, Inc. is engaged in developing a space-based cellular broadband network for smartphones in the United States. Its service connects users who are outside of terrestrial cellular coverage. Founded in 2017, the company is based in Midland, Texas.

Conclusion

The uptick in AST SpaceMobile’s stock appears to reflect growing interest from both analysts and institutional investors. With a mix of recent price target adjustments and insider trading activity, potential investors might weigh these factors carefully in their decision-making process.

space, stocks, investment