AST SpaceMobile, Inc. (NASDAQ:ASTS) Short Interest Down 17.7% in August

AST SpaceMobile, Inc. (NASDAQ:ASTS) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 23,450,000 shares, a drop of 17.7% from the August 15th total of 28,510,000 shares. Based on an average daily volume of 15,660,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 17.4% of the company’s shares are short sold.

AST SpaceMobile Price Performance

Shares of ASTS opened at $28.00 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 6.38 and a current ratio of 6.38. The firm has a market cap of $7.21 billion, a PE ratio of -28.57 and a beta of 1.63. The firm’s 50 day moving average price is $23.34 and its 200 day moving average price is $11.64. AST SpaceMobile has a twelve month low of $1.97 and a twelve month high of $39.08.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.05. The business had revenue of $0.90 million for the quarter, compared to the consensus estimate of $2.00 million. As a group, research analysts expect that AST SpaceMobile will post -0.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on ASTS shares. 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. UBS Group lifted their target price on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Scotiabank upped their price target on shares of AST SpaceMobile from $28.00 to $45.90 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on AST SpaceMobile from $22.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th.

Insider Buying and Selling

In other news, Director Adriana Cisneros acquired 4,934 shares of AST SpaceMobile stock in a transaction on Friday, September 6th. The stock was bought at an average cost of $26.32 per share, with a total value of $129,862.88. Following the completion of the purchase, the director now owns 774,772 shares of the company’s stock, valued at $20,391,999.04. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 56.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AST SpaceMobile

Several institutional investors have recently bought and sold shares of ASTS. Victory Capital Management Inc. bought a new stake in shares of AST SpaceMobile during the 4th quarter worth about $65,000. Cantor Fitzgerald L. P. acquired a new stake in AST SpaceMobile in the 4th quarter worth approximately $66,000. Calton & Associates Inc. bought a new stake in AST SpaceMobile during the second quarter worth approximately $128,000. Rathbones Group PLC acquired a new position in AST SpaceMobile during the fourth quarter valued at approximately $76,000. Finally, BNP Paribas bought a new position in shares of AST SpaceMobile in the first quarter valued at approximately $43,000. 60.95% of the stock is currently owned by institutional investors.

About AST SpaceMobile

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.