AST SpaceMobile (ASTS): New Sell Recommendation for This Technology Giant

In a report released today, Andres Coello from Scotiabank maintained a Sell rating on AST SpaceMobile, with a price target of $41.20.

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Coello covers the Communication Services sector, focusing on stocks such as America Movil, Millicom International Cellular SA, and Liberty LiLAC Group. According to TipRanks, Coello has an average return of 55.1% and an 83.81% success rate on recommended stocks.

In addition to Scotiabank, AST SpaceMobile also received a Sell from Barclays’s Mathieu Robilliard in a report issued on April 8. However, on April 15, Deutsche Bank maintained a Buy rating on AST SpaceMobile (NASDAQ: ASTS).

Based on AST SpaceMobile’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $54.31 million and a GAAP net loss of $73.97 million. In comparison, last year the company earned a revenue of $1.92 million and had a GAAP net loss of $35.86 million

Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ASTS in relation to earlier this year. Earlier this month, Hiroshi Mikitani, a Major Shareholder at ASTS sold 3,040,000.00 shares for a total of $270,896,800.00.