PNC Financial Services Group Inc. Has $6.62 Million Stock Position in AST SpaceMobile, Inc. $ASTS

Key Points

• PNC Financial Services reduced its AST SpaceMobile position by 27.7% in the first quarter, selling 30,598 shares and retaining 79,819 shares valued at approximately $6.62 million. Institutional investors and hedge funds collectively own 60.95% of ASTS.
• AST SpaceMobile insiders sold 105,809 shares worth about $9.75 million over the past three months, including sales by the CTO and CFO under pre-arranged trading plans.
• The company reported a quarterly loss of $0.66 per share and revenue of $14.73 million, missing analyst estimates, while ASTS shares remained highly volatile. Analysts’ consensus rating is Hold, with an average price target of $86.95.

PNC Financial Services Group Inc. lessened its holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 27.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 79,819 shares of the company's stock after selling 30,598 shares during the quarter. PNC Financial Services Group Inc.'s holdings in AST SpaceMobile were worth $6,615,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Crewe Advisors LLC bought a new position in AST SpaceMobile during the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC bought a new stake in AST SpaceMobile in the 4th quarter valued at about $25,000. Cornerstone Planning Group LLC boosted its holdings in AST SpaceMobile by 16,350.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 329 shares of the company's stock valued at $27,000 after purchasing an additional 327 shares during the period. Acumen Wealth Advisors LLC acquired a new position in shares of AST SpaceMobile during the 4th quarter worth approximately $29,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of AST SpaceMobile during the 3rd quarter worth approximately $29,000. 60.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, CTO Huiwen Yao sold 40,000 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $96.37, for a total value of $3,854,800.00. Following the sale, the chief technology officer owned 34,750 shares of the company's stock, valued at approximately $3,348,857.50. This trade represents a 53.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew Martin Johnson sold 45,809 shares of AST SpaceMobile stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $93.81, for a total value of $4,297,342.29. Following the completion of the transaction, the chief financial officer owned 503,619 shares in the company, valued at approximately $47,244,498.39. The trade was a 8.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 105,809 shares of company stock worth $9,748,492 over the last three months. Corporate insiders own 20.89% of the company's stock.

AST SpaceMobile Price Performance

ASTS stock opened at $56.20 on Monday. The company has a quick ratio of 18.37, a current ratio of 18.47 and a debt-to-equity ratio of 1.11. AST SpaceMobile, Inc. has a 12 month low of $36.08 and a 12 month high of $133.86. The firm has a market cap of $21.81 billion, a P/E ratio of -31.57 and a beta of 2.69. The company's 50-day moving average price is $84.79 and its two-hundred day moving average price is $88.56.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.66) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.43). The firm had revenue of $14.73 million for the quarter, compared to the consensus estimate of $39.01 million. AST SpaceMobile had a negative return on equity of 24.87% and a negative net margin of 573.67%.The business's revenue was up 1952.2% on a year-over-year basis. During the same period last year, the company posted ($0.20) EPS. On average, analysts anticipate that AST SpaceMobile, Inc. will post -1.38 earnings per share for the current fiscal year.

AST SpaceMobile News Roundup

Here are the key news stories impacting AST SpaceMobile this week:

• Positive Sentiment: Some analysts and commentators continue to argue that the recent pullback is a buying opportunity, saying AST SpaceMobile’s long-term direct-to-device satellite connectivity story remains intact and that launch-vehicle issues, not lost demand, are behind recent volatility.
• Positive Sentiment: There is speculation that the new $1 billion note proceeds could support a launch-provider acquisition, which may help AST SpaceMobile reduce long-term reliance on SpaceX and Blue Origin and improve vertical integration. Article Title
• Neutral Sentiment: Short-interest data showed no meaningful change in available figures, so it does not appear to be a major fresh driver for the stock today.
• Negative Sentiment: The $1 billion convertible note deal is the clearest near-term negative, as investors may view it as a potential source of future share dilution and added balance-sheet complexity. Article Title
• Negative Sentiment: A law firm investigation into claims on behalf of ASTS investors adds legal uncertainty and can weigh on sentiment. Article Title
• Negative Sentiment: Shares have also been under pressure from a broader risk-off move in launch and space-related stocks, reflecting investor caution ahead of a key test flight and ongoing volatility in the sector.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ASTS shares. Roth Capital reaffirmed a "buy" rating and set a $108.00 target price on shares of AST SpaceMobile in a report on Tuesday, May 12th. William Blair reiterated a "market perform" rating on shares of AST SpaceMobile in a research note on Friday, May 29th. UBS Group reduced their price target on AST SpaceMobile from $85.00 to $80.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Piper Sandler started coverage on AST SpaceMobile in a research note on Wednesday, July 15th. They set an "overweight" rating and a $100.00 price objective on the stock. Finally, Barclays lifted their price objective on AST SpaceMobile from $60.00 to $65.00 and gave the company an "underweight" rating in a report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, AST SpaceMobile has a consensus rating of "Hold" and an average target price of $86.95.

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.

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