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

PNC Financial Services Group Inc. cut its stake in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) by 27.7% during the 1st quarter, HoldingsChannel reports. The firm owned 79,819 shares of the company’s stock after selling 30,598 shares during the period. PNC Financial Services Group Inc.’s holdings in AST SpaceMobile were worth $6,615,000 at the end of the most recent reporting period.

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

AST SpaceMobile Price Performance

AST SpaceMobile 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’s fifty day moving average is $84.79 and its 200 day moving average is $88.56. The company has a market capitalization of $21.81 billion, a PE ratio of -31.57 and a beta of 2.69.

AST SpaceMobile (NASDAQ:ASTS) last issued its earnings results on Monday, May 11th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.43). The company 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 firm’s revenue was up 1952.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.20) earnings per share. As a group, sell-side analysts predict that AST SpaceMobile, Inc. will post -1.38 EPS for the current fiscal year.

Insider Activity

In other news, Director Julio A. Torres sold 15,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $76.34, for a total transaction of $1,145,100.00. Following the transaction, the director owned 43,239 shares in the company, valued at approximately $3,300,865.26. This represents a 25.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Martin Johnson sold 45,809 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $93.81, for a total transaction of $4,297,342.29. Following the transaction, the chief financial officer directly owned 503,619 shares in the company, valued at $47,244,498.39. This trade represents a 8.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 105,809 shares of company stock worth $9,748,492. Company insiders own 20.89% of the company’s stock.

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.

Analyst Ratings Changes

A number of research firms have weighed in on ASTS. UBS Group reduced their target price on shares of AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. B. Riley Financial raised shares of AST SpaceMobile from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Friday, July 17th. New Street Research set a $106.00 price target on shares of AST SpaceMobile in a report on Friday, May 29th. Roth Capital reissued a “buy” rating and issued a $108.00 price objective on shares of AST SpaceMobile in a research note on Tuesday, May 12th. Finally, Wall Street Zen downgraded AST SpaceMobile from a “sell” rating to a “strong sell” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, AST SpaceMobile has an average rating of “Hold” and a consensus 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.