Scotiabank Cuts AST SpaceMobile (NASDAQ:ASTS) Price Target to $40.20

AST SpaceMobile (NASDAQ:ASTS) had its price objective trimmed by Scotiabank from $44.70 to $40.20 in a research note released on Friday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

Separately, UBS Group increased their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, November 15th.

AST SpaceMobile Price Performance

ASTS opened at $20.35 on Friday. 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 has a 1 year low of $1.97 and a 1 year high of $39.08. The stock has a fifty day moving average price of $23.02 and a 200 day moving average price of $23.89. The stock has a market cap of $5.90 billion, a price-to-earnings ratio of -9.60 and a beta of 1.64.

Institutional Trading of AST SpaceMobile

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fairfield Financial Advisors LTD bought a new position in shares of AST SpaceMobile in the 3rd quarter valued at approximately $26,000. Hollencrest Capital Management bought a new position in shares of AST SpaceMobile in the third quarter valued at approximately $26,000. Rakuten Securities Inc. bought a new position in shares of AST SpaceMobile in the third quarter valued at approximately $68,000. Sunbelt Securities Inc. lifted its stake in shares of AST SpaceMobile by 3,380.0% in the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after buying an additional 3,380 shares during the last quarter. Finally, KBC Group NV bought a new stake in shares of AST SpaceMobile during the 3rd quarter worth $104,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

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.