AST SpaceMobile’s (ASTS) “Sector Perform” Rating Reiterated at Scotiabank

Scotiabank restated their sector perform rating on shares of AST SpaceMobile (NASDAQ:ASTS) in a research note issued to investors on Monday morning, MarketBeat.com reports. The firm currently has a $45.40 price target on the stock.

A number of other research firms also recently weighed in on ASTS. Oppenheimer initiated coverage on AST SpaceMobile in a research note on Monday, May 5th. They issued a “market perform” rating for the company. B. Riley reiterated a “buy” rating and set a $44.00 target price (up from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. UBS Group lifted their target price on AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday, March 4th. Finally, Roth Capital started coverage on AST SpaceMobile in a report on Thursday, April 10th. They issued a “buy” rating and a $42.00 price objective for the company. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.34.

AST SpaceMobile Price Performance

AST SpaceMobile stock opened at $49.97 on Monday. The company has a quick ratio of 10.62, a current ratio of 10.62 and a debt-to-equity ratio of 0.60. AST SpaceMobile has a 12-month low of $10.17 and a 12-month high of $54.05. The stock has a market cap of $15.82 billion, a price-to-earnings ratio of -25.11 and a beta of 2.02. The business’s 50-day simple moving average is $29.48 and its 200 day simple moving average is $26.31.

AST SpaceMobile (NASDAQ:ASTS) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The business had revenue of $0.72 million for the quarter, compared to analyst estimates of $3.85 million. AST SpaceMobile had a negative return on equity of 23.56% and a negative net margin of 7,033.22%. As a group, research analysts anticipate that AST SpaceMobile will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Shanti B. Gupta sold 10,000 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $41.84, for a total value of $418,400.00. Following the completion of the transaction, the chief operating officer now directly owns 305,667 shares in the company, valued at approximately $12,789,107.28. This represents a 3.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Huiwen Yao sold 55,000 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $26.82, for a total value of $1,475,100.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 184,250 shares of company stock worth $6,146,750. 34.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On AST SpaceMobile

Institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in AST SpaceMobile by 11.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock valued at $26,728,000 after purchasing an additional 135,008 shares during the last quarter. Handelsbanken Fonder AB bought a new position in AST SpaceMobile during the 4th quarter valued at approximately $755,000. Wells Fargo & Company MN increased its position in AST SpaceMobile by 25.2% during the 4th quarter. Wells Fargo & Company MN now owns 117,822 shares of the company’s stock valued at $2,486,000 after buying an additional 23,746 shares in the last quarter. Two Sigma Investments LP increased its position in AST SpaceMobile by 117.5% during the 4th quarter. Two Sigma Investments LP now owns 51,874 shares of the company’s stock valued at $1,095,000 after buying an additional 28,025 shares in the last quarter. Finally, Toronto Dominion Bank bought a new position in AST SpaceMobile during the 4th quarter valued at approximately $4,220,000. 60.95% of the stock is currently 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.