AST SpaceMobile (NASDAQ:ASTS) PT Lowered to $7.40

AST SpaceMobile (NASDAQ:ASTS) had its price objective cut by Scotiabank from $7.50 to $7.40 in a report published on Tuesday, Benzinga reports. They currently have a sector outperform rating on the stock.

Separately, UBS Group started coverage on shares of AST SpaceMobile in a research report on Friday, March 8th. They set a buy rating and a $7.00 price objective on the stock.

AST SpaceMobile Trading Down 3.0 %

Shares of NASDAQ:ASTS opened at $2.25 on Tuesday. The stock has a 50 day moving average of $2.99 and a 200 day moving average of $3.84. The company has a market cap of $491.22 million, a PE ratio of -2.14 and a beta of 0.87. AST SpaceMobile has a 12-month low of $1.97 and a 12-month high of $7.10. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew 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 valued at $984,000 after purchasing an additional 70,276 shares in the last quarter. Quantbot Technologies LP bought a new stake in AST SpaceMobile in the 3rd quarter worth approximately $83,000. Hudson Bay Capital Management LP raised its holdings in shares of AST SpaceMobile by 31.3% during the 3rd quarter. Hudson Bay Capital Management LP now owns 1,051,615 shares of the company’s stock worth $3,996,000 after acquiring 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 3rd quarter. DnB Asset Management AS now owns 408,588 shares of the company’s stock valued at $1,553,000 after acquiring an additional 70,446 shares during 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 3rd quarter. State Board of Administration of Florida Retirement System now owns 22,940 shares of the company’s stock valued at $87,000 after acquiring an additional 5,740 shares during the last quarter. 60.95% of the stock is currently owned by institutional investors.

About AST SpaceMobile

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.