Bank of New York Mellon Corp Raises Stock Position in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Bank of New York Mellon Corp raised its position in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) by 57.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 641,678 shares of the company’s stock after purchasing an additional 234,517 shares during the quarter. Bank of New York Mellon Corp’s holdings in AST SpaceMobile were worth $13,539,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Golden State Wealth Management LLC purchased a new stake in AST SpaceMobile in the 4th quarter worth approximately $46,000. Rakuten Securities Inc. purchased a new position in shares of AST SpaceMobile in the third quarter valued at about $68,000. Sunbelt Securities Inc. boosted its stake in shares of AST SpaceMobile by 3,380.0% in the third quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after acquiring an additional 3,380 shares during the period. KBC Group NV purchased a new stake in shares of AST SpaceMobile during the third quarter worth about $104,000. Finally, New Millennium Group LLC purchased a new stake in shares of AST SpaceMobile during the third quarter worth about $110,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on ASTS. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of AST SpaceMobile in a report on Tuesday, March 4th. Scotiabank reissued an “outperform” rating on shares of AST SpaceMobile in a report on Wednesday, March 5th. Finally, UBS Group upped their target price on shares of AST SpaceMobile from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $42.98.

AST SpaceMobile Price Performance

AST SpaceMobile stock opened at $27.56 on Thursday. AST SpaceMobile, Inc. has a 52-week low of $1.97 and a 52-week high of $39.08. The company has a market cap of $8.72 billion, a price-to-earnings ratio of -13.00 and a beta of 1.62. The firm’s fifty day moving average is $25.35 and its 200 day moving average is $25.35. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Activity

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.73, for a total transaction of $614,600.00. Following the sale, the director now directly owns 52,628 shares of the company’s stock, valued at $1,617,258.44. The trade was a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 41.80% of the company’s stock.

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.