PNC Financial Services Group Inc. Has $8.02 Million Holdings in AST SpaceMobile, Inc. $ASTS

Key Points

• PNC Financial Services Group trimmed its AST SpaceMobile stake by 10.7% in the fourth quarter, selling 13,295 shares and ending with 110,417 shares valued at about $8.02 million.
• Other institutional investors also adjusted positions, while 60.95% of ASTS stock remains held by institutions and hedge funds, showing continued Wall Street interest in the company.
• AST SpaceMobile has seen mixed signals from analysts and insiders: the stock has a Reduce consensus rating with an average target price of $79.45, while insiders have sold shares recently even as the stock trades far above its 52-week low.

PNC Financial Services Group Inc. reduced its holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 10.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,417 shares of the company's stock after selling 13,295 shares during the quarter. PNC Financial Services Group Inc.'s holdings in AST SpaceMobile were worth $8,020,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ASTS. REAP Financial Group LLC acquired a new position in shares of AST SpaceMobile in the 3rd quarter worth approximately $25,000. Crewe Advisors LLC bought a new position in AST SpaceMobile in the 4th quarter worth approximately $25,000. Laurel Wealth Advisors LLC bought a new position in AST SpaceMobile in the 4th quarter worth approximately $25,000. Byrne Asset Management LLC bought a new position in AST SpaceMobile in the 4th quarter worth approximately $29,000. Finally, Harvest Fund Management Co. Ltd bought a new position in AST SpaceMobile in the 3rd quarter worth approximately $29,000. 60.95% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about AST SpaceMobile

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

• Positive Sentiment: Defiance launched ASTY, a 2X long ETF on AST SpaceMobile, signaling strong trader demand for bullish exposure to ASTS. Defiance Launches ASTY: The 2X Long ETF for AST SpaceMobile, Inc.
• Positive Sentiment: ASTS is benefiting from broader enthusiasm for space infrastructure names ahead of the SpaceX IPO, which has lifted sentiment across satellite and launch stocks. SpaceX IPO Filing Is Moving Rocket Lab, CoreWeave, and Other Stocks
• Positive Sentiment: Commentary has also pointed to AST SpaceMobile’s FCC approval and its role as a likely beneficiary of rising satellite-to-phone demand, supporting the company’s long-term growth narrative. Forget SpaceX. These 2 Space Stocks Could Be the Real Winners Of the Coming IPO Frenzy
• Neutral Sentiment: Several articles focused on ASTS’s huge multi-year run and asked whether the stock is getting expensive, suggesting some investors are weighing valuation against future growth. Is It Too Late To Consider AST SpaceMobile (ASTS) After Its Recent 17x Three Year Surge?
• Negative Sentiment: ASTS CFO Andrew Martin Johnson sold 5,000 shares, a small insider sale that may prompt some caution, though his remaining stake is still substantial. SEC insider filing

Analysts Set New Price Targets

Several research firms recently weighed in on ASTS. Barclays boosted their price objective on shares of AST SpaceMobile from $60.00 to $65.00 and gave the stock an "underweight" rating in a research report on Thursday, April 9th. New Street Research began coverage on shares of AST SpaceMobile in a research report on Wednesday, May 13th. They issued a "neutral" rating and a $80.00 price objective for the company. UBS Group dropped their price objective on shares of AST SpaceMobile from $85.00 to $80.00 and set a "neutral" rating for the company in a research report on Tuesday, May 12th. Zacks Research upgraded shares of AST SpaceMobile from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, Wall Street Zen cut shares of AST SpaceMobile from a "sell" rating to a "strong sell" rating in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $79.45.

Insider Buying and Selling at AST SpaceMobile

In other AST SpaceMobile news, major shareholder Hiroshi Mikitani sold 1,350,000 shares of the company's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $86.22, for a total transaction of $116,397,000.00. Following the completion of the sale, the insider owned 27,980,155 shares in the company, valued at approximately $2,412,448,964.10. The trade was a 4.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Martin Johnson sold 5,000 shares of the company's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $90.25, for a total transaction of $451,250.00. Following the sale, the chief financial officer owned 565,805 shares of the company's stock, valued at $51,063,901.25. The trade was a 0.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 3,100,000 shares of company stock worth $276,048,350. 20.89% of the stock is currently owned by insiders.

AST SpaceMobile Stock Performance

Shares of AST SpaceMobile stock opened at $105.86 on Monday. The firm has a fifty day moving average of $85.01 and a two-hundred day moving average of $83.55. The stock has a market capitalization of $41.09 billion, a price-to-earnings ratio of -59.47 and a beta of 2.60. AST SpaceMobile, Inc. has a 52 week low of $22.47 and a 52 week high of $129.89. The company has a debt-to-equity ratio of 1.11, a quick ratio of 18.37 and a current ratio of 18.47.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.66) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.43). The business had revenue of $14.74 million for the quarter, compared to the consensus estimate of $39.01 million. AST SpaceMobile had a negative net margin of 573.67% and a negative return on equity of 24.87%. The business's revenue was up 1952.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.20) EPS. As a group, equities research analysts predict that AST SpaceMobile, Inc. will post -1.47 EPS for the current year.

About AST SpaceMobile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.