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

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

A number of other research firms also recently commented on ASTS. B. Riley increased their price objective on shares of AST SpaceMobile from $26.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. UBS Group upped their target price on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday. 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 note on Wednesday, September 4th.

AST SpaceMobile Stock Performance

Shares of ASTS opened at $24.23 on Friday. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of -11.43 and a beta of 1.64. AST SpaceMobile has a 12 month low of $1.97 and a 12 month high of $39.08. The firm has a fifty day simple moving average of $25.63 and a 200 day simple moving average of $18.52. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.83.

Insider Transactions at AST SpaceMobile

In other AST SpaceMobile news, Director Adriana Cisneros acquired 4,934 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 774,772 shares in the company, valued at approximately $20,391,999.04. This represents a 0.64 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $23.12, for a total value of $62,424.00. Following the transaction, the president now owns 712,660 shares of the company’s stock, valued at $16,476,699.20. This represents a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,700 shares of company stock worth $3,220,524 in the last ninety days. Insiders own 41.80% of the company’s stock.

Institutional Investors Weigh In On AST SpaceMobile

A number of large investors have recently added to or reduced their stakes in ASTS. Geode Capital Management LLC increased its holdings in shares of AST SpaceMobile by 9.4% in the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock valued at $85,450,000 after purchasing an additional 281,749 shares during the last quarter. K2 Principal Fund L.P. acquired a new stake in shares of AST SpaceMobile during the 3rd quarter worth about $232,000. Weiss Asset Management LP bought a new stake in shares of AST SpaceMobile during the 3rd quarter worth about $1,308,000. State Street Corp grew its stake in AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after buying an additional 399,713 shares during the last quarter. Finally, IHT Wealth Management LLC grew its stake in AST SpaceMobile by 21.1% in the 3rd quarter. IHT Wealth Management LLC now owns 257,514 shares of the company’s stock valued at $6,734,000 after buying an additional 44,862 shares during the last quarter. Institutional investors own 60.95% of the company’s stock.

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.