AST SpaceMobile (NASDAQ:ASTS) Given New $40.20 Price Target at Scotiabank

AST SpaceMobile (NASDAQ:ASTS) had its price target cut by 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 would indicate a potential upside of 97.54% from the stock’s previous close.

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

AST SpaceMobile Stock Performance

ASTS stock traded up $0.55 on Friday, reaching $20.35. 12,007,833 shares of the company were exchanged, compared to its average volume of 8,221,471. The firm has a market capitalization of $5.90 billion, a PE ratio of -9.60 and a beta of 1.64. AST SpaceMobile has a 12 month low of $1.97 and a 12 month high of $39.08. The stock’s fifty day moving average price is $23.09 and its 200 day moving average price is $23.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.80 and a quick ratio of 5.80.

Institutional Trading of AST SpaceMobile

Several institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in shares of AST SpaceMobile by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after purchasing an additional 281,749 shares in the last quarter. State Street Corp grew its stake in AST SpaceMobile by 14.8% during the third quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after buying an additional 399,713 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of AST SpaceMobile by 228.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,705 shares of the company’s stock worth $29,594,000 after buying an additional 787,566 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of AST SpaceMobile by 6.0% in the third quarter. Oppenheimer & Co. Inc. now owns 846,072 shares of the company’s stock valued at $22,125,000 after acquiring an additional 47,600 shares during the last quarter. Finally, Privium Fund Management B.V. acquired a new position in shares of AST SpaceMobile in the 3rd quarter worth approximately $21,476,000. Institutional investors and hedge funds 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.