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

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) had its price objective dropped by research analysts at Scotiabank from $45.90 to $44.70 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "sector outperform" rating on the stock. Scotiabank's target price would indicate a potential upside of 84.48% from the stock's current price.

A number of other analysts have also recently commented on ASTS. UBS Group boosted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday. B. Riley lifted their target price on shares of AST SpaceMobile from $26.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on AST SpaceMobile from $22.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, September 4th.

AST SpaceMobile Trading Down 9.6 %

Shares of ASTS traded down $2.57 during midday trading on Friday, hitting $24.23. The stock had a trading volume of 17,816,823 shares, compared to its average volume of 10,680,669. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38. The stock's 50 day moving average is $25.63 and its 200 day moving average is $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 PE ratio of -11.43 and a beta of 1.64.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to analysts' expectations of $2.00 million. As a group, analysts forecast that AST SpaceMobile will post -0.72 EPS for the current fiscal year.

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 45,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $24.26, for a total transaction of $1,091,700.00. Following the completion of the sale, the chief technology officer now owns 55,000 shares of the company's stock, valued at approximately $1,334,300. This represents a 45.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Scott Wisniewski sold 2,700 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $23.12, for a total value of $62,424.00. Following the completion of the sale, the president now owns 712,660 shares of the company's stock, valued at approximately $16,476,699.20. This trade represents a 0.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,700 shares of company stock valued at $3,220,524. 41.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AST SpaceMobile

A number of hedge funds have recently added to or reduced their stakes in the business. Fairfield Financial Advisors LTD bought a new position in AST SpaceMobile in the 3rd quarter worth about $26,000. Hollencrest Capital Management purchased a new position in AST SpaceMobile in the 3rd quarter worth about $26,000. Rakuten Securities Inc. purchased a new position in AST SpaceMobile during the 3rd quarter worth approximately $68,000. KBC Group NV acquired a new position in AST SpaceMobile during the third quarter valued at $104,000. Finally, Future Financial Wealth Managment LLC purchased a new position in AST SpaceMobile during the third quarter valued at approximately $105,000. 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.