AST SpaceMobile, Inc. (NASDAQ:ASTS) Sees Significant Decline in Short Interest

AST SpaceMobile, Inc. (NASDAQ:ASTS) was the target of a significant drop in short interest during the month of May. As of May 31st, there was short interest totalling 29,300,000 shares, a drop of 7.4% from the May 15th total of 31,650,000 shares. Approximately 25.1% of the shares of the company are short sold. Based on an average trading volume of 8,940,000 shares, the short-interest ratio is currently 3.3 days.

Analyst Upgrades and Downgrades

Several research firms recently commented on ASTS. UBS Group upped their target price on shares of AST SpaceMobile from $7.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Scotiabank boosted their price objective on shares of AST SpaceMobile from $7.40 to $12.90 and gave the stock a “sector outperform” rating in a report on Thursday, May 30th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of AST SpaceMobile from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, April 3rd.

AST SpaceMobile Stock Down 3.1 %

Shares of NASDAQ ASTS opened at $11.39 on Wednesday. AST SpaceMobile has a one year low of $1.97 and a one year high of $12.45. The business has a fifty day simple moving average of $4.64 and a 200 day simple moving average of $4.11. The company has a debt-to-equity ratio of 0.56, a quick ratio of 7.51 and a current ratio of 7.51.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The business had revenue of $0.50 million during the quarter, compared to the consensus estimate of $3.00 million. As a group, equities research analysts expect that AST SpaceMobile will post -0.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AST SpaceMobile

A number of institutional investors have recently added to or reduced their stakes in ASTS. State Board of Administration of Florida Retirement System boosted its stake in shares of AST SpaceMobile by 33.4% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 22,940 shares of the company’s stock valued at $87,000 after purchasing an additional 5,740 shares in the last quarter. Victory Capital Management Inc. acquired a new position in AST SpaceMobile in the fourth quarter valued at about $65,000. Cantor Fitzgerald L. P. bought a new stake in AST SpaceMobile during the fourth quarter worth about $66,000. Rathbones Group PLC bought a new stake in AST SpaceMobile during the fourth quarter worth about $76,000. Finally, BNP Paribas acquired a new stake in shares of AST SpaceMobile during the first quarter worth approximately $43,000. 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.