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

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

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

AST SpaceMobile Trading Up 2.8 %

AST SpaceMobile stock traded up $0.55 during mid-day trading on Friday, hitting $20.35. The stock had a trading volume of 12,007,833 shares, compared to its average volume of 8,221,471. The stock has a 50-day simple moving average of $23.09 and a two-hundred day simple moving average of $23.67. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock 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.

Hedge Funds Weigh In On AST SpaceMobile

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC raised its stake in AST SpaceMobile by 19.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 61,858 shares of the company’s stock worth $1,392,000 after buying an additional 10,004 shares during the period. MBE Wealth Management LLC boosted its stake in AST SpaceMobile by 7.0% in the 4th quarter. MBE Wealth Management LLC now owns 39,718 shares of the company’s stock worth $838,000 after purchasing an additional 2,602 shares during the period. KBC Group NV increased its holdings in AST SpaceMobile by 63.8% during the 4th quarter. KBC Group NV now owns 6,509 shares of the company’s stock worth $137,000 after purchasing an additional 2,536 shares in the last quarter. Lake Hills Wealth Management LLC acquired a new stake in shares of AST SpaceMobile in the 4th quarter valued at about $374,000. Finally, Key Colony Management LLC lifted its holdings in shares of AST SpaceMobile by 44.1% in the fourth quarter. Key Colony Management LLC now owns 196,000 shares of the company’s stock valued at $4,136,000 after purchasing an additional 60,000 shares in the last quarter. Institutional investors own 60.95% of the company’s stock.

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.