Bank of New York Mellon Corp Has $13.50 Million Stock Holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Bank of New York Mellon Corp lowered its position in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 7.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 593,738 shares of the company's stock after selling 47,940 shares during the quarter. Bank of New York Mellon Corp owned about 0.19% of AST SpaceMobile worth $13,502,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Principal Financial Group Inc. bought a new stake in shares of AST SpaceMobile in the 1st quarter valued at approximately $202,000. Teacher Retirement System of Texas bought a new position in AST SpaceMobile during the 1st quarter worth about $533,000. American Capital Advisory LLC bought a new position in AST SpaceMobile during the 1st quarter worth about $472,000. Vontobel Holding Ltd. grew its holdings in shares of AST SpaceMobile by 33.9% in the 1st quarter. Vontobel Holding Ltd. now owns 13,546 shares of the company's stock valued at $308,000 after acquiring an additional 3,427 shares in the last quarter. Finally, KBC Group NV grew its holdings in AST SpaceMobile by 15.6% during the first quarter. KBC Group NV now owns 7,525 shares of the company's stock worth $171,000 after purchasing an additional 1,016 shares during the period. 60.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ASTS. Scotiabank reiterated a "sector perform" rating and set a $45.40 price target on shares of AST SpaceMobile in a report on Monday, June 23rd. B. Riley reaffirmed a "buy" rating and issued a $44.00 price target (up previously from $36.00) on shares of AST SpaceMobile in a research report on Monday, June 16th. Roth Capital started coverage on shares of AST SpaceMobile in a research report on Thursday, April 10th. They issued a "buy" rating and a $42.00 price target on the stock. Bank of America started coverage on shares of AST SpaceMobile in a research report on Wednesday, June 25th. They issued a "neutral" rating and a $55.00 price target on the stock. Finally, Oppenheimer started coverage on shares of AST SpaceMobile in a research report on Monday, May 5th. They issued a "market perform" rating on the stock. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.34.

AST SpaceMobile Stock Performance

ASTS stock traded up $0.53 on Friday, hitting $57.98. The company's stock had a trading volume of 7,950,915 shares, compared to its average volume of 12,930,708. The firm has a 50 day moving average of $37.74 and a two-hundred day moving average of $29.27. AST SpaceMobile, Inc. has a 1 year low of $12.37 and a 1 year high of $58.08. The stock has a market cap of $18.35 billion, a price-to-earnings ratio of -29.14 and a beta of 2.27. The company has a current ratio of 10.62, a quick ratio of 10.62 and a debt-to-equity ratio of 0.60.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). AST SpaceMobile had a negative net margin of 7,033.22% and a negative return on equity of 23.56%. The business had revenue of $0.72 million during the quarter, compared to analysts' expectations of $3.85 million. Equities analysts predict that AST SpaceMobile, Inc. will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at AST SpaceMobile

In related news, CTO Huiwen Yao sold 4,250 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $34.60, for a total value of $147,050.00. Following the completion of the sale, the chief technology officer owned 20,750 shares in the company, valued at approximately $717,950. This represents a 17.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Shanti B. Gupta sold 10,000 shares of AST SpaceMobile stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $41.84, for a total value of $418,400.00. Following the transaction, the chief operating officer directly owned 305,667 shares in the company, valued at approximately $12,789,107.28. This trade represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 184,250 shares of company stock worth $6,146,750. 34.15% of the stock is owned by insiders.

About AST SpaceMobile

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.