Scotiabank Has Lowered Expectations for AST SpaceMobile (NASDAQ:ASTS) Stock Price

AST SpaceMobile (NASDAQ:ASTS) had its target price lowered by stock analysts at Scotiabank from $44.70 to $40.20 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 97.54% from the stock’s current price.

Separately, UBS Group lifted their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th.

AST SpaceMobile Price Performance

Shares of ASTS opened at $20.35 on Friday. The firm has a fifty day simple moving average of $23.02 and a two-hundred day simple moving average of $23.81. The firm has a market cap of $5.90 billion, a PE ratio of -9.60 and a beta of 1.64. 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.

Institutional Investors Weigh In On AST SpaceMobile

A number of hedge funds have recently bought and sold shares of the business. Privium Fund Management B.V. bought a new stake in shares of AST SpaceMobile in the 3rd quarter worth about $21,476,000. Charles Schwab Investment Management Inc. grew its position in AST SpaceMobile by 228.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after acquiring an additional 787,566 shares in the last quarter. Renaissance Technologies LLC bought a new stake in AST SpaceMobile during the second quarter worth approximately $4,757,000. State Street Corp raised its position in AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock valued at $80,845,000 after purchasing an additional 399,713 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock valued at $85,450,000 after purchasing an additional 281,749 shares during the last quarter. Hedge funds and other 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.