AST SpaceMobile (NASDAQ:ASTS) Price Target Cut to $40.20 by Analysts at Scotiabank

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

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

AST SpaceMobile Stock Performance

AST SpaceMobile stock opened at $20.35 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80. The firm has a market capitalization of $5.90 billion, a P/E ratio of -9.60 and a beta of 1.64. AST SpaceMobile has a 1-year low of $1.97 and a 1-year high of $39.08. The company’s 50-day moving average is $23.02 and its 200 day moving average is $23.81.

Institutional Investors Weigh In On AST SpaceMobile

Large investors have recently added to or reduced their stakes in the stock. Fairfield Financial Advisors LTD purchased a new position in shares of AST SpaceMobile during the third quarter worth approximately $26,000. Hollencrest Capital Management bought a new position in AST SpaceMobile in the third quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new position in AST SpaceMobile during the 3rd quarter worth $68,000. Sunbelt Securities Inc. raised its position in AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock valued at $91,000 after purchasing an additional 3,380 shares in the last quarter. Finally, KBC Group NV bought a new stake in AST SpaceMobile during the 3rd quarter valued at $104,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.