AST SpaceMobile (NASDAQ:ASTS) Price Target Cut to $44.70 by Analysts at Scotiabank

AST SpaceMobile (NASDAQ:ASTS) had its target price lowered by Scotiabank from $45.90 to $44.70 in a report published on Friday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

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

AST SpaceMobile Stock Performance

Shares of NASDAQ ASTS traded down $2.57 during mid-day trading on Friday, hitting $24.23. 17,840,002 shares of the company were exchanged, compared to its average volume of 10,680,669. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.83. The stock has a 50 day simple moving average of $25.63 and a 200-day simple moving average of $18.30. AST SpaceMobile has a 1-year low of $1.97 and a 1-year high of $39.08. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of -11.43 and a beta of 1.64.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.05. The business had revenue of $0.90 million during the quarter, compared to analysts’ expectations of $2.00 million. On average, sell-side analysts forecast that AST SpaceMobile will post -0.72 EPS for the current fiscal year.

Insider Activity

In related news, Director Adriana Cisneros acquired 4,934 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the transaction, the director now owns 774,772 shares in the company, valued at $20,391,999.04. This trade represents a 0.64 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Shanti B. Gupta sold 80,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $25.83, for a total value of $2,066,400.00. Following the completion of the sale, the chief operating officer now directly owns 393,232 shares in the company, valued at approximately $10,157,182.56. The trade was a 16.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 127,700 shares of company stock worth $3,220,524 over the last 90 days. 41.80% of the stock is currently owned by corporate insiders.

Institutional Trading of AST SpaceMobile

A number of hedge funds have recently added to or reduced their stakes in ASTS. Fairfield Financial Advisors LTD acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at about $26,000. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at about $26,000. Rakuten Securities Inc. acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at about $68,000. Black Maple Capital Management LP acquired a new position in shares of AST SpaceMobile in the 1st quarter valued at about $87,000. Finally, KBC Group NV acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at about $104,000. 60.95% of the stock is owned by institutional investors and hedge funds.

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.