AST SpaceMobile (NASDAQ:ASTS) Given New $40.20 Price Target at Scotiabank

AST SpaceMobile (NASDAQ:ASTS - Free Report) had its price target cut by Scotiabank from $44.70 to $40.20 in a research report report published on Friday,Benzinga reports. They currently have a sector outperform rating on the stock.

Separately, UBS Group upped their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, November 15th.

AST SpaceMobile Price Performance

NASDAQ ASTS traded up $0.55 on Friday, reaching $20.35. 12,024,656 shares of the company's stock traded hands, compared to its average volume of 5,088,827. The stock has a market cap of $5.90 billion, a PE ratio of -9.60 and a beta of 1.64. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. AST SpaceMobile has a 12 month low of $1.97 and a 12 month high of $39.08. The stock has a 50-day simple moving average of $23.02 and a 200 day simple moving average of $23.81.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in shares of AST SpaceMobile by 235.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 247,781 shares of the company's stock worth $6,479,000 after buying an additional 174,007 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in AST SpaceMobile in the second quarter valued at $278,000. Van ECK Associates Corp increased its position in AST SpaceMobile by 141.1% during the 3rd quarter. Van ECK Associates Corp now owns 103,437 shares of the company's stock valued at $2,716,000 after purchasing an additional 60,530 shares during the period. Algert Global LLC bought a new position in AST SpaceMobile in the 3rd quarter worth $768,000. Finally, Americana Partners LLC purchased a new stake in shares of AST SpaceMobile in the 3rd quarter worth about $673,000. Institutional investors own 60.95% of the company's stock.

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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.