Bank of New York Mellon Corp Lowers Holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Bank of New York Mellon Corp lowered its position in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) by 7.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 593,738 shares of the company’s stock after selling 47,940 shares during the period. 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.

Several other institutional investors have also recently made changes to their positions in the company. Wells Fargo & Company MN grew its position in AST SpaceMobile by 25.2% during the 4th quarter. Wells Fargo & Company MN now owns 117,822 shares of the company’s stock worth $2,486,000 after purchasing an additional 23,746 shares during the last quarter. Two Sigma Investments LP grew its holdings in shares of AST SpaceMobile by 117.5% during the fourth 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. Toronto Dominion Bank purchased a new position in AST SpaceMobile in the 4th quarter worth $4,220,000. BNP Paribas Financial Markets acquired a new stake in AST SpaceMobile during the 4th quarter worth about $3,264,000. Finally, Raymond James Financial Inc. purchased a new stake in AST SpaceMobile during the 4th quarter valued at about $1,350,000. Hedge funds and other institutional investors own 60.95% of the company’s stock.

Insider Activity at AST SpaceMobile

In related news, President Scott Wisniewski sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $35.65, for a total transaction of $1,782,500.00. Following the transaction, the president owned 545,595 shares of the company’s stock, valued at approximately $19,450,461.75. This trade represents a 8.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Shanti B. Gupta sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $41.84, for a total value of $418,400.00. Following the completion of the sale, the chief operating officer owned 305,667 shares of the company’s stock, valued at approximately $12,789,107.28. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 184,250 shares of company stock valued at $6,146,750 over the last ninety days. Insiders own 34.15% of the company’s stock.

AST SpaceMobile Price Performance

Shares of AST SpaceMobile stock opened at $57.98 on Friday. The business’s fifty day moving average price is $37.74 and its 200 day moving average price is $29.27. The stock has a market capitalization of $18.35 billion, a P/E 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, Inc. has a twelve month low of $12.37 and a twelve month high of $58.08.

AST SpaceMobile (NASDAQ:ASTS) last issued 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). The company had revenue of $0.72 million for the quarter, compared to the consensus estimate of $3.85 million. AST SpaceMobile had a negative return on equity of 23.56% and a negative net margin of 7,033.22%. As a group, research analysts anticipate that AST SpaceMobile, Inc. will post -0.4 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ASTS shares. Roth Capital started coverage on shares of AST SpaceMobile in a research note on Thursday, April 10th. They set a “buy” rating and a $42.00 price objective on the stock. B. Riley reissued a “buy” rating and issued a $44.00 price target (up previously from $36.00) on shares of AST SpaceMobile in a research note on Monday, June 16th. Scotiabank restated a “sector perform” rating and set a $45.40 price objective on shares of AST SpaceMobile in a research report on Monday, June 23rd. Bank of America assumed coverage on shares of AST SpaceMobile in a report on Wednesday, June 25th. They set a “neutral” rating and a $55.00 price objective on the stock. Finally, Oppenheimer assumed 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 assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.34.

AST SpaceMobile 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.