Scotiabank Cuts AST SpaceMobile (NASDAQ:ASTS) Price Target to $42.90

AST SpaceMobile (NASDAQ:ASTS) had its target price trimmed by Scotiabank from $45.40 to $42.90 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a sector perform rating on the stock.

Several other equities research analysts have also commented on ASTS. Bank of America began coverage on AST SpaceMobile in a research note on Wednesday, June 25th. They set a “neutral” rating and a $55.00 price target for the company. Oppenheimer began coverage on AST SpaceMobile in a research note on Monday, May 5th. They set a “market perform” rating for the company. B. Riley restated a “buy” rating and set a $44.00 price target (up from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Finally, Roth Capital began coverage on AST SpaceMobile in a research note on Thursday, April 10th. They set a “buy” rating and a $42.00 price target for the company. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, AST SpaceMobile presently has an average rating of “Moderate Buy” and a consensus target price of $44.99.

AST SpaceMobile Stock Performance

AST SpaceMobile stock opened at $46.63 on Thursday. The firm has a market capitalization of $14.76 billion, a P/E ratio of -23.43 and a beta of 2.33. The stock has a fifty day moving average price of $46.33 and a 200 day moving average price of $32.55. AST SpaceMobile has a 52 week low of $17.50 and a 52 week high of $60.95. The company has a current ratio of 10.62, a quick ratio of 10.62 and a debt-to-equity ratio of 0.60.

AST SpaceMobile (NASDAQ:ASTS) last released its earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The business had revenue of $0.72 million during the quarter, compared to analyst estimates of $3.85 million. AST SpaceMobile had a negative net margin of 7,033.22% and a negative return on equity of 23.56%. Equities research analysts anticipate that AST SpaceMobile will post -0.4 earnings per share for the current year.

Insider Activity at AST SpaceMobile

In related news, CTO Huiwen Yao sold 55,000 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $26.82, for a total value of $1,475,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Scott Wisniewski sold 50,000 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $35.65, for a total value of $1,782,500.00. Following the completion of the transaction, the president directly owned 545,595 shares of the company’s stock, valued at $19,450,461.75. This represents a 8.39% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 184,250 shares of company stock valued at $6,146,750. Insiders own 34.15% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ASTS. Pictet Asset Management Holding SA lifted its holdings in AST SpaceMobile by 19.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 21,354 shares of the company’s stock worth $451,000 after buying an additional 3,476 shares during the last quarter. Orion Portfolio Solutions LLC acquired a new stake in shares of AST SpaceMobile during the 4th quarter worth approximately $260,000. Geode Capital Management LLC raised its position in shares of AST SpaceMobile by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 3,496,825 shares of the company’s stock worth $73,801,000 after purchasing an additional 229,759 shares during the period. Wells Fargo & Company MN raised its position in shares of AST SpaceMobile by 25.2% during the 4th quarter. Wells Fargo & Company MN now owns 117,822 shares of the company’s stock worth $2,486,000 after purchasing an additional 23,746 shares during the period. Finally, Invesco Ltd. raised its position in shares of AST SpaceMobile by 34.0% during the 4th quarter. Invesco Ltd. now owns 70,667 shares of the company’s stock worth $1,491,000 after purchasing an additional 17,925 shares during the period. 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.