AST SpaceMobile (NASDAQ:ASTS) Shares Gap Up – Here’s What Happened

AST SpaceMobile, Inc. (NASDAQ:ASTS)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $23.02, but opened at $24.35. AST SpaceMobile shares last traded at $27.00, with a volume of 7,479,477 shares trading hands.

Analyst Upgrades and Downgrades

ASTS has been the subject of a number of recent research reports. Roth Capital assumed coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They issued a “buy” rating and a $42.00 price target for the company. Scotiabank reiterated an “outperform” rating on shares of AST SpaceMobile in a research note on Wednesday, March 5th. UBS Group raised their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $42.82.

AST SpaceMobile Price Performance

The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of -12.46 and a beta of 1.81. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $25.05 and its 200 day moving average is $24.59.

Insider Transactions at AST SpaceMobile

In related news, Director Julio A. Torres sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the transaction, the director now owns 52,628 shares in the company, valued at $1,617,258.44. This trade represents a 27.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently modified their holdings of the company. Sunbelt Securities Inc. increased its holdings in shares of AST SpaceMobile by 61.9% in the 1st quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company’s stock valued at $30,000 after acquiring an additional 505 shares during the period. GAMMA Investing LLC increased its stake in AST SpaceMobile by 388.7% in the first quarter. GAMMA Investing LLC now owns 1,559 shares of the company’s stock valued at $35,000 after purchasing an additional 1,240 shares during the period. Summit Securities Group LLC purchased a new stake in shares of AST SpaceMobile in the fourth quarter valued at about $37,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of AST SpaceMobile during the first quarter worth about $41,000. Finally, Bernard Wealth Management Corp. purchased a new position in shares of AST SpaceMobile during the fourth quarter worth about $42,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.