By otakuyassine3@gmail.com 
PNC Financial Services Group Inc. lessened its holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS – Free Report) by 2.6% during the fourth quarter, HoldingsChannel reports. The fund owned 165,225 shares of the company’s stock after selling 4,359 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AST SpaceMobile were worth $3,486,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of AST SpaceMobile by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after acquiring an additional 281,749 shares during the last quarter. State Street Corp grew its position in AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after purchasing an additional 399,713 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in AST SpaceMobile by 11.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company’s stock worth $26,728,000 after purchasing an additional 135,008 shares in the last quarter. Oppenheimer & Co. Inc. grew its position in AST SpaceMobile by 0.9% in the 4th quarter. Oppenheimer & Co. Inc. now owns 854,063 shares of the company’s stock worth $18,021,000 after purchasing an additional 7,991 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in AST SpaceMobile by 57.6% in the 4th quarter. Bank of New York Mellon Corp now owns 641,678 shares of the company’s stock worth $13,539,000 after purchasing an additional 234,517 shares in the last quarter. Institutional investors and hedge funds own 60.95% of the company’s stock.
Insider Activity
In other news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $30.73, for a total transaction of $614,600.00. Following the completion of the transaction, the director now directly owns 52,628 shares of the company’s stock, valued at $1,617,258.44. This represents a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 41.80% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on ASTS shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a research report on Tuesday, March 4th. UBS Group upped their price objective on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of AST SpaceMobile in a research report on Wednesday, March 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $42.98.
AST SpaceMobile Stock Down 5.2 %
AST SpaceMobile stock opened at $26.12 on Friday. AST SpaceMobile, Inc. has a twelve month low of $1.97 and a twelve month high of $39.08. The firm has a 50 day moving average price of $25.44 and a 200-day moving average price of $25.36. The company has a market capitalization of $8.27 billion, a P/E ratio of -12.32 and a beta of 1.62. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.
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.
Recommended Stories
Want to see what other hedge funds are holding ASTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AST SpaceMobile, Inc. (NASDAQ:ASTS – Free Report).
Receive News & Ratings for AST SpaceMobile Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for AST SpaceMobile and related companies with MarketBeat.com’s FREE daily email newsletter.