AST SpaceMobile (NASDAQ:ASTS) Price Target Cut to $7.40

AST SpaceMobile (NASDAQ:ASTSGet Free Report) had its price target dropped by investment analysts at Scotiabank from $7.50 to $7.40 in a report issued on Tuesday, Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price indicates a potential upside of 218.97% from the company’s current price.

Separately, UBS Group initiated coverage on shares of AST SpaceMobile in a research note on Friday, March 8th. They issued a “buy” rating and a $7.00 price objective on the stock.

Check Out Our Latest Research Report on AST SpaceMobile

AST SpaceMobile Stock Performance

Shares of AST SpaceMobile stock opened at $2.32 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06. The firm has a market cap of $506.49 million, a P/E ratio of -2.21 and a beta of 0.87. The firm has a 50 day simple moving average of $3.00 and a 200 day simple moving average of $3.85. AST SpaceMobile has a fifty-two week low of $1.97 and a fifty-two week high of $7.10.

Hedge Funds Weigh In On AST SpaceMobile

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its position in shares of AST SpaceMobile by 37.3% during the third quarter. Bank of New York Mellon Corp now owns 258,898 shares of the company’s stock worth $984,000 after purchasing an additional 70,276 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of AST SpaceMobile during the third quarter worth $83,000. Hudson Bay Capital Management LP boosted its position in shares of AST SpaceMobile by 31.3% during the third quarter. Hudson Bay Capital Management LP now owns 1,051,615 shares of the company’s stock worth $3,996,000 after purchasing an additional 250,389 shares in the last quarter. DnB Asset Management AS boosted its position in shares of AST SpaceMobile by 20.8% during the third quarter. DnB Asset Management AS now owns 408,588 shares of the company’s stock worth $1,553,000 after purchasing an additional 70,446 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of AST SpaceMobile by 33.4% during the third quarter. State Board of Administration of Florida Retirement System now owns 22,940 shares of the company’s stock worth $87,000 after purchasing an additional 5,740 shares in the last quarter. 60.95% of the stock is owned by institutional investors.

About AST SpaceMobile

(Get Free Report)

AST SpaceMobile, Inc, together with its subsidiaries, operates space-based cellular broadband network for mobile phones in the United States. Its SpaceMobile service provides mobile broadband services to end-users who are out of terrestrial cellular coverage. AST SpaceMobile, Inc was founded in 2017 and is based in Midland, Texas.

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