Key Points
Ending the week on a bullish note, AST SpaceMobile (NASDAQ: ASTS) stock closed higher today after an analyst provided an optimistic outlook. Shares of AST SpaceMobile, a developer of a space-based cellular broadband service, had fallen 10.6% from the end of trading last Friday through yesterday’s close.
Today, however, shares of AST SpaceMobile closed up 5.1%, retreating from an earlier rise of 12.1%.
One analyst sees this space stock flying notably higher
Maintaining his $85 price target on AST SpaceMobile, B. Riley analyst Mike Crawford upgraded AST SpaceMobile stock to buy from neutral today. With shares falling more than 50% over the past six months, Crawford now believes that AST SpaceMobile stock provides investors with a better risk/reward profile, according to Thefly.com.
Based on AST SpaceMobile stock closing at $55.01 yesterday, Crawford’s price target implies upside of 54.5%.
B. Riley isn’t the only firm espousing positivity for AST SpaceMobile this week. On Wednesday, Piper Sandler initated coverage on AST SpaceMobile with an overweight rating and $100 price target.
Is now the time to buy AST SpaceMobile stock?
Analysts may have see AST SpaceMobile stock rocketing higher, but investors should take these price targets with grains of salt. While analysts’ opinions are worth considering, investors are better served to exercise their due diligence and look for the company to report developments that are material to its growth such as progress toward the launch of its broadband service. As one of SpaceX‘s most notable competitors, AST SpaceMobile certainly deserves consideration from space stock enthusiasts.
Should you buy stock in AST SpaceMobile right now?
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool has a disclosure policy.
