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

AST SpaceMobile (NASDAQ:ASTS) had its price target reduced by Scotiabank from $45.90 to $44.70 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 90.54% from the company’s current price.

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

AST SpaceMobile Trading Down 12.5 %

ASTS stock traded down $3.34 during midday trading on Friday, hitting $23.46. The company had a trading volume of 11,597,471 shares, compared to its average volume of 10,652,723. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.83. AST SpaceMobile has a 52 week low of $1.97 and a 52 week high of $39.08. The stock has a market cap of $6.32 billion, a price-to-earnings ratio of -18.68 and a beta of 1.64. The stock’s 50 day moving average price is $25.67 and its 200 day moving average price is $18.14.

AST SpaceMobile (NASDAQ:ASTS) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.05. The firm had revenue of $0.90 million during the quarter, compared to the consensus estimate of $2.00 million. As a group, equities research analysts expect that AST SpaceMobile will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Adriana Cisneros purchased 4,934 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were bought 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 approximately $20,391,999.04. This represents a 0.64 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Shanti B. Gupta sold 80,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 393,232 shares of the company’s stock, valued at approximately $10,157,182.56. This trade represents a 16.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,700 shares of company stock valued at $3,220,524 over the last ninety days. Company insiders own 41.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Amalgamated Bank lifted its position in AST SpaceMobile by 17.4% in the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after acquiring an additional 679 shares in the last quarter. Victory Capital Management Inc. increased its holdings in AST SpaceMobile by 5.5% in the 2nd quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock worth $180,000 after buying an additional 814 shares in the last quarter. Fairfield Financial Advisors LTD purchased a new position in AST SpaceMobile in the 3rd quarter worth about $26,000. Hollencrest Capital Management purchased a new stake in shares of AST SpaceMobile during the 3rd quarter valued at about $26,000. Finally, Calton & Associates Inc. grew its stake in shares of AST SpaceMobile by 14.5% in the third quarter. Calton & Associates Inc. now owns 12,600 shares of the company’s stock worth $329,000 after acquiring an additional 1,600 shares during the period. 60.95% of the stock is owned by hedge funds and other institutional investors.

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.