AST SpaceMobile, Inc. $ASTS Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial trimmed its stake in AST SpaceMobile by 20.5%, selling 33,595 shares and leaving 130,123 shares valued at about $6.08 million at the end of the quarter.
• Insider selling accelerated: CFO Andrew Martin Johnson sold 20,000 shares at $52.48 and CTO Huiwen Yao sold 40,000 shares at $40.58, leaving company insiders with about 30.9% ownership.
• ASTS also posted a disappointing quarter—EPS of -$0.45 (vs. -$0.18 expected) and revenue of $14.74M (vs. $22.04M expected)—and has a MarketBeat consensus rating of "Reduce" with an average target of $45.27.

PNC Financial Services Group Inc. decreased its stake in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 20.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 130,123 shares of the company's stock after selling 33,595 shares during the period. PNC Financial Services Group Inc.'s holdings in AST SpaceMobile were worth $6,081,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Rakuten Group Inc. acquired a new stake in shares of AST SpaceMobile in the first quarter valued at approximately $705,398,000. Voya Investment Management LLC raised its position in AST SpaceMobile by 1,992.5% in the 1st quarter. Voya Investment Management LLC now owns 843,554 shares of the company's stock valued at $19,182,000 after purchasing an additional 803,240 shares during the last quarter. Jump Financial LLC acquired a new stake in AST SpaceMobile during the 1st quarter worth $14,750,000. Y Intercept Hong Kong Ltd purchased a new position in AST SpaceMobile during the 2nd quarter worth $21,754,000. Finally, Nuveen LLC purchased a new position in AST SpaceMobile during the 1st quarter worth $9,218,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Andrew Martin Johnson sold 20,000 shares of AST SpaceMobile stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $52.48, for a total transaction of $1,049,600.00. Following the completion of the transaction, the chief financial officer directly owned 397,485 shares in the company, valued at $20,860,012.80. The trade was a 4.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Huiwen Yao sold 40,000 shares of the business's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $40.58, for a total value of $1,623,200.00. Following the completion of the transaction, the chief technology officer directly owned 4,750 shares of the company's stock, valued at approximately $192,755. This trade represents a 89.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 30.90% of the company's stock.

AST SpaceMobile Trading Down 0.1%

Shares of ASTS opened at $61.40 on Monday. AST SpaceMobile, Inc. has a twelve month low of $17.50 and a twelve month high of $102.79. The firm has a market capitalization of $22.01 billion, a P/E ratio of -49.52 and a beta of 2.46. The firm's 50-day moving average is $64.81 and its two-hundred day moving average is $49.68. The company has a current ratio of 9.56, a quick ratio of 9.48 and a debt-to-equity ratio of 0.43.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.27). AST SpaceMobile had a negative return on equity of 27.76% and a negative net margin of 1,639.59%.The firm had revenue of $14.74 million for the quarter, compared to analyst estimates of $22.04 million. During the same period in the prior year, the firm posted ($1.10) earnings per share. The business's revenue for the quarter was up 1236.4% compared to the same quarter last year. On average, research analysts predict that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. William Blair assumed coverage on shares of AST SpaceMobile in a research note on Thursday, August 21st. They set a "market perform" rating for the company. Scotiabank cut AST SpaceMobile from a "sector perform" rating to a "sector underperform" rating and set a $42.90 price objective for the company. in a research report on Tuesday, October 7th. Barclays lowered AST SpaceMobile from an "overweight" rating to an "underweight" rating and set a $60.00 target price on the stock. in a report on Friday, October 17th. Zacks Research cut AST SpaceMobile from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 21st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AST SpaceMobile in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $45.27.

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.

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