Bank of New York Mellon Corp Acquires 234,517 Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS)

Bank of New York Mellon Corp raised its holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS) by 57.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 641,678 shares of the company’s stock after buying an additional 234,517 shares during the quarter. Bank of New York Mellon Corp owned about 0.22% of AST SpaceMobile worth $13,539,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Colonial River Investments LLC lifted its stake in AST SpaceMobile by 17.3% in the fourth quarter. Colonial River Investments LLC now owns 10,618 shares of the company’s stock worth $224,000 after acquiring an additional 1,564 shares during the period. Handelsbanken Fonder AB bought a new stake in shares of AST SpaceMobile during the 4th quarter valued at about $755,000. New York State Common Retirement Fund increased its position in shares of AST SpaceMobile by 17.1% during the fourth quarter. New York State Common Retirement Fund now owns 42,367 shares of the company’s stock valued at $894,000 after buying an additional 6,200 shares during the period. State of New Jersey Common Pension Fund D raised its stake in AST SpaceMobile by 36.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 80,305 shares of the company’s stock worth $1,694,000 after buying an additional 21,585 shares in the last quarter. Finally, Americana Partners LLC lifted its holdings in AST SpaceMobile by 5.2% in the fourth quarter. Americana Partners LLC now owns 27,047 shares of the company’s stock worth $571,000 after buying an additional 1,326 shares during the period. 60.95% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other AST SpaceMobile news, Director Julio A. Torres sold 20,000 shares of the stock in a transaction 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 in the company, valued at approximately $1,617,258.44. This trade represents a 27.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 41.80% of the company’s stock.

AST SpaceMobile Stock Performance

Shares of ASTS opened at $27.56 on Thursday. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average price is $25.35 and its 200-day moving average price is $25.35. AST SpaceMobile, Inc. has a 52 week low of $1.97 and a 52 week high of $39.08. The stock has a market cap of $8.72 billion, a P/E ratio of -13.00 and a beta of 1.62.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of AST SpaceMobile in a report on Tuesday, March 4th. Scotiabank reissued an “outperform” rating on shares of AST SpaceMobile in a research 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 equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AST SpaceMobile has an average rating of “Buy” and an average price target of $42.98.

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.