Scotiabank Reaffirms "Sector Perform" Rating for AST SpaceMobile (NASDAQ:ASTS)

Scotiabank reiterated their sector perform rating on shares of AST SpaceMobile (NASDAQ:ASTS - Free Report) in a research report released on Monday morning, Marketbeat reports. The brokerage currently has a $45.40 price objective on the stock.

Several other equities research analysts have also commented on the stock. B. Riley reaffirmed a "buy" rating and issued a $44.00 price target (up from $36.00) on shares of AST SpaceMobile in a report on Monday, June 16th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Roth Capital initiated coverage on AST SpaceMobile in a research report on Thursday, April 10th. They set a "buy" rating and a $42.00 price target for the company. Oppenheimer initiated coverage on AST SpaceMobile in a report on Monday, May 5th. They issued a "market perform" rating for the company. Finally, UBS Group raised their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, March 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $45.34.

AST SpaceMobile Stock Performance

Shares of AST SpaceMobile stock traded up $0.65 on Monday, reaching $50.62. 14,123,404 shares of the stock were exchanged, compared to its average volume of 12,647,591. AST SpaceMobile has a twelve month low of $10.17 and a twelve month high of $54.05. The business has a 50 day moving average price of $29.48 and a two-hundred day moving average price of $26.31. The company has a quick ratio of 10.62, a current ratio of 10.62 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $16.02 billion, a price-to-earnings ratio of -25.44 and a beta of 2.02.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate 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 net margin of 7,033.22% and a negative return on equity of 23.56%. Analysts anticipate that AST SpaceMobile will post -0.4 earnings per share for the current fiscal year.

Insider Activity at AST SpaceMobile

In related news, COO Shanti B. Gupta sold 15,000 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $36.08, for a total transaction of $541,200.00. Following the completion of the sale, the chief operating officer now directly owns 315,667 shares in the company, valued at approximately $11,389,265.36. This trade represents a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Huiwen Yao sold 4,250 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $34.60, for a total transaction of $147,050.00. Following the completion of the transaction, the chief technology officer now owns 20,750 shares in the company, valued at $717,950. The trade was a 17.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 184,250 shares of company stock valued at $6,146,750. 34.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ASTS. Voya Investment Management LLC lifted its stake in shares of AST SpaceMobile by 1,992.5% in the 1st quarter. Voya Investment Management LLC now owns 843,554 shares of the company's stock valued at $19,182,000 after purchasing an additional 803,240 shares during the last quarter. Strs Ohio purchased a new position in AST SpaceMobile during the first quarter worth about $168,000. Belpointe Asset Management LLC purchased a new position in AST SpaceMobile during the first quarter worth about $900,000. Intech Investment Management LLC raised its stake in shares of AST SpaceMobile by 36.2% in the 1st quarter. Intech Investment Management LLC now owns 84,069 shares of the company's stock valued at $1,912,000 after acquiring an additional 22,358 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of AST SpaceMobile by 18.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 325,621 shares of the company's stock valued at $7,405,000 after acquiring an additional 49,811 shares during the period. 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.