Scotiabank Boosts AST SpaceMobile (NASDAQ:ASTS) Price Target to $28.00

AST SpaceMobile (NASDAQ:ASTS) had its target price upped by Scotiabank from $21.10 to $28.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a sector outperform rating on the stock.

Several other analysts have also weighed in on the company. UBS Group raised their price objective on AST SpaceMobile from $13.00 to $30.00 and gave the company a buy rating in a research note on Thursday, August 15th. B. Riley increased their target price on shares of AST SpaceMobile from $15.00 to $26.00 and gave the stock a buy rating in a report on Thursday, August 15th.

AST SpaceMobile Trading Up 24.4 %

Shares of ASTS opened at $38.60 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 7.51 and a current ratio of 7.51. AST SpaceMobile has a 52-week low of $1.97 and a 52-week high of $38.85. The firm has a market cap of $9.94 billion, a price-to-earnings ratio of -39.39 and a beta of 1.61. The business’s fifty day moving average is $15.40 and its 200-day moving average is $7.68.

Hedge Funds Weigh In On AST SpaceMobile

A number of institutional investors and hedge funds have recently bought and sold shares of ASTS. B. Riley Wealth Advisors Inc. bought a new stake in shares of AST SpaceMobile during the second quarter worth about $278,000. Scientech Research LLC acquired a new stake in AST SpaceMobile during the 2nd quarter worth approximately $774,000. Sender Co & Partners Inc. bought a new stake in AST SpaceMobile during the 2nd quarter worth approximately $177,000. The Manufacturers Life Insurance Company increased its position in AST SpaceMobile by 31.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 51,209 shares of the company’s stock valued at $595,000 after acquiring an additional 12,391 shares during the period. Finally, Marshall Wace LLP increased its position in AST SpaceMobile by 150.4% in the 2nd quarter. Marshall Wace LLP now owns 126,685 shares of the company’s stock valued at $1,471,000 after acquiring an additional 76,088 shares during the period. Institutional investors and hedge funds 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.