AST SpaceMobile (NASDAQ:ASTS) Shares Gap Down - Here's What Happened
AST SpaceMobile (NASDAQ:ASTS) shares gapped down from $32.18 to $31.40 before trading at $31.51 with significant volume. Analysts have set varied price targets, with Cantor Fitzgerald at $30.00, Scotiabank at $47.90, and UBS at $38.00, all maintaining positive ratings. The company has a market cap of $9.68 billion and a consensus rating of "Buy" with an average price target of $42.98. Institutional investors hold 60.95% of the stock, indicating strong interest in the company.
AST SpaceMobile, Inc. (NASDAQ:ASTS - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $32.18, but opened at $31.40. AST SpaceMobile shares last traded at $31.51, with a volume of 2,479,921 shares trading hands.
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Analysts Set New Price Targets
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Several brokerages have commented on ASTS. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. Scotiabank boosted their price objective on shares of AST SpaceMobile from $40.20 to $47.90 and gave the company a "sector outperform" rating in a research report on Wednesday. Finally, UBS Group boosted their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $42.98.
Get Our Latest Stock Report on ASTS
AST SpaceMobile Stock Up 3.8 %
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The firm's fifty day moving average price is $24.93 and its 200-day moving average price is $25.48. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of -15.75 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of ASTS. Hollencrest Capital Management acquired a new stake in AST SpaceMobile in the third quarter valued at $26,000. Summit Securities Group LLC acquired a new stake in AST SpaceMobile in the fourth quarter valued at $37,000. Bernard Wealth Management Corp. acquired a new stake in AST SpaceMobile in the fourth quarter valued at $42,000. Golden State Wealth Management LLC acquired a new stake in AST SpaceMobile in the fourth quarter valued at $46,000. Finally, CIBC Private Wealth Group LLC increased its holdings in AST SpaceMobile by 106.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company's stock valued at $53,000 after purchasing an additional 1,222 shares during the period. 60.95% of the stock is currently owned by institutional investors and hedge funds.
AST SpaceMobile Company Profile
(Get Free Report)- AST SpaceMobile Stock Surges 17% After Analyst Upgrade
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.
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