Rhumbline Advisers Trims Stock Holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Rhumbline Advisers lowered its stake in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 4.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 206,544 shares of the company's stock after selling 10,174 shares during the period. Rhumbline Advisers owned about 0.07% of AST SpaceMobile worth $4,697,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of AST SpaceMobile by 11.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,266,713 shares of the company's stock valued at $26,728,000 after buying an additional 135,008 shares during the last quarter. Handelsbanken Fonder AB purchased a new position in shares of AST SpaceMobile during the 4th quarter valued at about $755,000. Wells Fargo & Company MN raised its stake in shares of AST SpaceMobile by 25.2% during the 4th quarter. Wells Fargo & Company MN now owns 117,822 shares of the company's stock valued at $2,486,000 after buying an additional 23,746 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of AST SpaceMobile by 117.5% during the 4th quarter. Two Sigma Investments LP now owns 51,874 shares of the company's stock valued at $1,095,000 after buying an additional 28,025 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of AST SpaceMobile by 150.1% during the 4th quarter. Van ECK Associates Corp now owns 258,747 shares of the company's stock valued at $5,460,000 after buying an additional 155,310 shares during the last quarter. Hedge funds and other institutional investors own 60.95% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ASTS. Oppenheimer began coverage on AST SpaceMobile in a research note on Monday, May 5th. They set a "market perform" rating for the company. Roth Capital assumed coverage on AST SpaceMobile in a research note on Thursday, April 10th. They issued a "buy" rating and a $42.00 price target for the company. Scotiabank cut their price target on AST SpaceMobile from $47.90 to $45.40 and set a "sector outperform" rating for the company in a research note on Tuesday, May 13th. UBS Group lifted their price target on AST SpaceMobile from $31.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of AST SpaceMobile in a research note on Tuesday, March 4th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, AST SpaceMobile currently has an average rating of "Moderate Buy" and a consensus target price of $42.40.

Insider Buying and Selling

In other news, President Scott Wisniewski sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $35.65, for a total transaction of $1,782,500.00. Following the transaction, the president now directly owns 545,595 shares in the company, valued at $19,450,461.75. The trade was a 8.39% 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 55,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $26.82, for a total value of $1,475,100.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 174,250 shares of company stock worth $5,728,350. Insiders own 34.15% of the company's stock.

AST SpaceMobile Trading Up 3.9%

ASTS stock opened at $38.37 on Friday. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. AST SpaceMobile, Inc. has a 12-month low of $9.32 and a 12-month high of $41.13. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of -18.10 and a beta of 2.02. The business's 50-day moving average is $25.74 and its 200 day moving average is $25.05.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $3.85 million. On average, sell-side analysts anticipate that AST SpaceMobile, Inc. will post -0.4 EPS for the current fiscal year.

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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