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

AST SpaceMobile (NASDAQ:ASTS) had its target price lowered by stock analysts at Scotiabank from $45.90 to $44.70 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 84.48% from the company’s current price.

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

AST SpaceMobile Stock Down 9.6 %

NASDAQ ASTS opened at $24.23 on Friday. AST SpaceMobile has a 12 month low of $1.97 and a 12 month high of $39.08. The company has a market capitalization of $6.53 billion, a P/E ratio of -11.43 and a beta of 1.64. The company’s 50 day simple moving average is $25.63 and its 200 day simple moving average is $18.41. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38.

AST SpaceMobile (NASDAQ:ASTS) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.05. The company had revenue of $0.90 million during the quarter, compared to the consensus estimate of $2.00 million. Equities research analysts expect that AST SpaceMobile will post -0.72 earnings per share for the current fiscal year.

Insider Activity at AST SpaceMobile

In other AST SpaceMobile news, CTO Huiwen Yao sold 45,000 shares of AST SpaceMobile stock in a transaction 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 completion of the sale, the chief technology officer now owns 55,000 shares of the company’s stock, valued at $1,334,300. This trade represents a 45.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Shanti B. Gupta sold 80,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $25.83, for a total transaction of $2,066,400.00. Following the transaction, the chief operating officer now owns 393,232 shares in the company, valued at approximately $10,157,182.56. This represents a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 127,700 shares of company stock valued at $3,220,524. Company insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC increased 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 worth $21,606,000 after buying an additional 5,046,667 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of AST SpaceMobile by 49.9% during the 1st quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock worth $19,325,000 after purchasing an additional 2,217,531 shares during the last quarter. Masters Capital Management LLC acquired a new position in shares of AST SpaceMobile during the 1st quarter worth $2,900,000. Privium Fund Management B.V. bought a new position in shares of AST SpaceMobile during the 3rd quarter valued at $21,476,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of AST SpaceMobile in the 2nd quarter valued at $9,270,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.