Principal Financial Group Inc. Cuts Stock Holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS)

Principal Financial Group Inc. trimmed its holdings in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS) by 19.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,345 shares of the company’s stock after selling 2,222 shares during the quarter. Principal Financial Group Inc.’s holdings in AST SpaceMobile were worth $244,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Fairfield Financial Advisors LTD purchased a new stake in AST SpaceMobile during the 3rd quarter valued at about $26,000. Hollencrest Capital Management purchased a new stake in AST SpaceMobile during the 3rd quarter worth about $26,000. Rakuten Securities Inc. acquired a new position in AST SpaceMobile during the 3rd quarter worth approximately $68,000. Sunbelt Securities Inc. lifted its holdings in AST SpaceMobile by 3,380.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after buying an additional 3,380 shares during the last quarter. Finally, KBC Group NV purchased a new stake in AST SpaceMobile during the third quarter worth approximately $104,000. 60.95% of the stock is owned by hedge funds and other institutional investors.

AST SpaceMobile Stock Performance

AST SpaceMobile stock opened at $24.14 on Tuesday. The firm has a market capitalization of $6.99 billion, a P/E ratio of -11.39 and a beta of 1.64. AST SpaceMobile, Inc. has a 52 week low of $1.97 and a 52 week high of $39.08. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average price of $23.81 and a 200 day moving average price of $22.89.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. UBS Group increased their price target on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Scotiabank lowered their price target on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating on the stock in a report on Friday, November 15th.

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.