Scotiabank Issues Pessimistic Forecast for AST SpaceMobile (NASDAQ:ASTS) Stock Price

AST SpaceMobile (NASDAQ:ASTS) had its target price lowered by analysts at Scotiabank from $45.90 to $44.70 in a research note issued on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 84.48% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. B. Riley boosted their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, UBS Group raised their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday.

AST SpaceMobile Stock Performance

Shares of AST SpaceMobile stock opened at $24.23 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 6.38 and a current ratio of 6.38. AST SpaceMobile has a 1 year low of $1.97 and a 1 year high of $39.08. The firm’s 50-day simple moving average is $25.63 and its 200-day simple moving average is $18.41. 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) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.05. The firm had revenue of $0.90 million for the quarter, compared to analyst estimates of $2.00 million. Equities analysts forecast that AST SpaceMobile will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AST SpaceMobile news, COO Shanti B. Gupta sold 80,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $25.83, for a total value of $2,066,400.00. Following the completion of the transaction, the chief operating officer now owns 393,232 shares in the company, valued at approximately $10,157,182.56. This represents a 16.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Adriana Cisneros purchased 4,934 shares of the company’s stock in a transaction on Friday, September 6th. The stock was purchased at an average price of $26.32 per share, for a total transaction of $129,862.88. Following the purchase, the director now directly owns 774,772 shares of the company’s stock, valued at $20,391,999.04. This trade represents a 0.64 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 127,700 shares of company stock worth $3,220,524 in the last three months. 41.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in AST SpaceMobile by 49.9% in the first quarter. Vanguard Group Inc. now owns 6,663,760 shares of the company’s stock worth $19,325,000 after purchasing an additional 2,217,531 shares during the period. American International Group Inc. lifted its stake in shares of AST SpaceMobile by 41.5% in the 1st quarter. American International Group Inc. now owns 56,527 shares of the company’s stock worth $164,000 after acquiring an additional 16,568 shares during the period. Natixis increased its stake in shares of AST SpaceMobile by 62.2% during the first quarter. Natixis now owns 55,863 shares of the company’s stock valued at $162,000 after acquiring an additional 21,430 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of AST SpaceMobile by 71.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 55,335 shares of the company’s stock valued at $161,000 after acquiring an additional 22,987 shares during the period. Finally, Masters Capital Management LLC acquired a new stake in AST SpaceMobile in the first quarter worth approximately $2,900,000. Institutional investors 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.