AST SpaceMobile (NASDAQ:ASTS) Price Target Lowered to $44.70 at Scotiabank

AST SpaceMobile (NASDAQ:ASTS) had its price target reduced by Scotiabank from $45.90 to $44.70 in a research note issued to investors on Friday,Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. UBS Group upped their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday. Finally, B. Riley upped their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th.

AST SpaceMobile Price Performance

ASTS traded down $2.57 on Friday, hitting $24.23. 17,840,002 shares of the company’s stock were exchanged, compared to its average volume of 10,680,669. The firm has a 50-day moving average price of $25.63 and a 200-day moving average price of $18.30. 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 stock has a market cap of $6.53 billion, a price-to-earnings ratio of -11.43 and a beta of 1.64. AST SpaceMobile has a fifty-two week low of $1.97 and a fifty-two week high of $39.08.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.05. The firm had revenue of $0.90 million for the quarter, compared to analyst estimates of $2.00 million. As a group, equities analysts anticipate that AST SpaceMobile will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Huiwen Yao sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the sale, the chief technology officer now directly owns 55,000 shares in the company, valued at approximately $1,334,300. This represents a 45.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Adriana Cisneros bought 4,934 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the completion of the purchase, the director now directly owns 774,772 shares of the company’s stock, valued at approximately $20,391,999.04. This trade represents a 0.64 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 127,700 shares of company stock worth $3,220,524 over the last three months. Company insiders own 41.80% of the company’s stock.

Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its holdings in AST SpaceMobile by 209.9% in the first quarter. Janus Henderson Group PLC now owns 7,450,467 shares of the company’s stock valued at $21,606,000 after purchasing an additional 5,046,667 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock valued at $19,325,000 after acquiring an additional 2,217,531 shares during the period. Geode Capital Management LLC boosted its holdings in shares of AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock valued at $85,450,000 after acquiring an additional 281,749 shares during the period. State Street Corp boosted its holdings in shares of AST SpaceMobile by 14.8% in the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after acquiring an additional 399,713 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock valued at $29,594,000 after acquiring an additional 787,566 shares during the period. 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.