AST SpaceMobile (NASDAQ:ASTS) Trading 10.7% Higher Following Analyst Upgrade

Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) traded up 10.7% during trading on Wednesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $22.00 to $63.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. AST SpaceMobile traded as high as $32.67 and last traded at $32.57. 12,062,591 shares changed hands during mid-day trading, an increase of 23% from the average session volume of 9,786,309 shares. The stock had previously closed at $29.41.

A number of other research firms have also recently commented on ASTS. B. Riley boosted their price target on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Scotiabank upped their price objective on shares of AST SpaceMobile from $28.00 to $45.90 and gave the company a “sector outperform” rating in a research note on Monday, August 26th. Finally, UBS Group upped their price objective on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 15th.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. bought a new stake in AST SpaceMobile during the 4th quarter valued at $65,000. Cantor Fitzgerald L. P. bought a new stake in AST SpaceMobile during the 4th quarter valued at $66,000. Calton & Associates Inc. bought a new stake in AST SpaceMobile during the 2nd quarter valued at $128,000. Rathbones Group PLC bought a new stake in AST SpaceMobile during the 4th quarter valued at $76,000. Finally, BNP Paribas bought a new stake in AST SpaceMobile during the 1st quarter valued at $43,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Stock Up 12.5 %

The stock’s fifty day moving average is $20.44 and its 200 day moving average is $10.04. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $8.52 billion, a P/E ratio of -33.76 and a beta of 1.61.

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.