PNC Financial Services Group Inc. Lowers Stock Position in AST SpaceMobile, Inc. $ASTS

PNC Financial Services Group Inc. reduced its position in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) by 4.9% during the third quarter, Holdings Channel reports. The firm owned 123,712 shares of the company’s stock after selling 6,411 shares during the period. PNC Financial Services Group Inc.’s holdings in AST SpaceMobile were worth $6,072,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Abich Financial Wealth Management LLC purchased a new stake in AST SpaceMobile in the 3rd quarter valued at about $206,000. Rhumbline Advisers grew its holdings in shares of AST SpaceMobile by 7.7% in the third quarter. Rhumbline Advisers now owns 206,885 shares of the company’s stock valued at $10,154,000 after acquiring an additional 14,809 shares in the last quarter. Wealthfront Advisers LLC increased its position in shares of AST SpaceMobile by 5.8% during the third quarter. Wealthfront Advisers LLC now owns 53,557 shares of the company’s stock valued at $2,629,000 after acquiring an additional 2,917 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in shares of AST SpaceMobile by 48.0% during the third quarter. Oppenheimer & Co. Inc. now owns 532,960 shares of the company’s stock valued at $26,158,000 after acquiring an additional 172,759 shares during the last quarter. Finally, REAP Financial Group LLC bought a new stake in AST SpaceMobile during the third quarter worth $25,000. 60.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ASTS has been the subject of a number of recent analyst reports. Scotiabank downgraded AST SpaceMobile from a “sector perform” rating to a “sector underperform” rating and set a $45.60 price objective for the company. in a research note on Wednesday, January 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of AST SpaceMobile in a research note on Tuesday, January 20th. Weiss Ratings restated a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Monday, December 29th. Zacks Research downgraded shares of AST SpaceMobile from a “hold” rating to a “strong sell” rating in a report on Friday, January 9th. Finally, B. Riley Financial lowered their price objective on shares of AST SpaceMobile from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $52.94.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, Director Keith R. Larson purchased 625 shares of the company’s stock in a transaction that occurred on Wednesday, December 24th. The shares were bought at an average cost of $80.00 per share, for a total transaction of $50,000.00. Following the purchase, the director owned 2,015 shares of the company’s stock, valued at $161,200. This represents a 44.96% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Maya Bernal sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $73.76, for a total transaction of $442,560.00. Following the completion of the transaction, the chief accounting officer directly owned 122,486 shares of the company’s stock, valued at approximately $9,034,567.36. This trade represents a 4.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders bought 2,015 shares of company stock valued at $149,144 and sold 2,354,621 shares valued at $164,348,075. 30.90% of the stock is owned by company insiders.

AST SpaceMobile Stock Up 2.3%

Shares of NASDAQ ASTS opened at $86.40 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 9.56 and a quick ratio of 9.48. The stock has a market capitalization of $31.71 billion, a PE ratio of -69.68 and a beta of 2.70. AST SpaceMobile, Inc. has a one year low of $18.22 and a one year high of $129.89. The business’s fifty day moving average price is $92.07 and its 200-day moving average price is $70.98.

AST SpaceMobile Profile

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.