AST SpaceMobile (NASDAQ:ASTS) Given New $45.40 Price Target at Scotiabank

AST SpaceMobile (NASDAQ:ASTS) had its price objective reduced by Scotiabank from $47.90 to $45.40 in a report published on Tuesday,Benzinga reports. They currently have a sector outperform rating on the stock.

ASTS has been the subject of several other reports. Oppenheimer started coverage on AST SpaceMobile in a research report on Monday, May 5th. They issued a “market perform” rating for the company. UBS Group raised their price target on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Roth Capital assumed coverage on shares of AST SpaceMobile in a research report on Thursday, April 10th. They set a “buy” rating and a $42.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a research report on Tuesday, March 4th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, AST SpaceMobile currently has an average rating of “Moderate Buy” and a consensus price target of $42.40.

AST SpaceMobile Stock Down 2.2%

ASTS stock opened at $26.55 on Tuesday. The firm has a market cap of $8.40 billion, a PE ratio of -12.52 and a beta of 2.05. AST SpaceMobile has a 1 year low of $2.25 and a 1 year high of $39.08. The company has a fifty day simple moving average of $24.63 and a 200 day simple moving average of $24.50. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The firm had revenue of $0.72 million for the quarter, compared to the consensus estimate of $3.85 million. Sell-side analysts anticipate that AST SpaceMobile will post -0.4 EPS for the current fiscal year.

Insider Activity

In related news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $30.73, for a total value of $614,600.00. Following the completion of the transaction, the director now owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 34.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

Several large investors have recently modified their holdings of the stock. Sunbelt Securities Inc. lifted its position in shares of AST SpaceMobile by 61.9% during the 1st quarter. Sunbelt Securities Inc. now owns 1,321 shares of the company’s stock worth $30,000 after buying an additional 505 shares during the period. Xponance Inc. lifted its holdings in shares of AST SpaceMobile by 5.9% during the first quarter. Xponance Inc. now owns 10,244 shares of the company’s stock valued at $233,000 after acquiring an additional 568 shares during the period. Close Asset Management Ltd boosted its stake in shares of AST SpaceMobile by 72.4% in the 1st quarter. Close Asset Management Ltd now owns 1,810 shares of the company’s stock valued at $41,000 after purchasing an additional 760 shares in the last quarter. KBC Group NV grew its holdings in shares of AST SpaceMobile by 15.6% in the 1st quarter. KBC Group NV now owns 7,525 shares of the company’s stock worth $171,000 after purchasing an additional 1,016 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of AST SpaceMobile by 106.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares during the last quarter. 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.