AST SpaceMobile (NASDAQ:ASTS) Coverage Initiated at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of AST SpaceMobile (NASDAQ:ASTS) in a research note issued to investors on Thursday, Marketbeat reports. The brokerage set an “overweight” rating and a $30.00 price target on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 13.16% from the company’s previous close.

ASTS has been the topic of several other reports. Scotiabank lowered their price target on shares of AST SpaceMobile from $44.70 to $40.20 and set a “sector outperform” rating on the stock in a report on Friday, January 24th. UBS Group boosted their target price on AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $40.04.

AST SpaceMobile Stock Performance

ASTS stock opened at $26.51 on Thursday. The stock has a market cap of $7.68 billion, a P/E ratio of -12.50 and a beta of 1.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.80 and a current ratio of 5.80. The firm has a 50 day simple moving average of $22.55 and a 200 day simple moving average of $24.36. AST SpaceMobile has a 52 week low of $1.97 and a 52 week high of $39.08.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its position in AST SpaceMobile by 235.9% during the third 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. Van ECK Associates Corp increased its holdings in shares of 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 acquiring an additional 60,530 shares during the last quarter. Algert Global LLC bought a new position in shares of AST SpaceMobile in the 3rd quarter valued at approximately $768,000. Americana Partners LLC acquired a new stake in AST SpaceMobile in the 3rd quarter worth approximately $673,000. Finally, Oppenheimer & Co. Inc. boosted its position in AST SpaceMobile by 6.0% during the third quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock worth $22,125,000 after purchasing an additional 47,600 shares during the period. 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.