Bank of New York Mellon Corp Buys 170,440 Shares of AST SpaceMobile, Inc. (NASDAQ:ASTS)

Bank of New York Mellon Corp increased its holdings in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS - Free Report) by 56.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 472,769 shares of the company's stock after acquiring an additional 170,440 shares during the period. Bank of New York Mellon Corp owned about 0.18% of AST SpaceMobile worth $5,489,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Byrne Asset Management LLC bought a new stake in shares of AST SpaceMobile during the second quarter worth $240,000. MBE Wealth Management LLC lifted its position in AST SpaceMobile by 34.1% during the 2nd quarter. MBE Wealth Management LLC now owns 27,000 shares of the company's stock worth $313,000 after buying an additional 6,870 shares in the last quarter. Calton & Associates Inc. bought a new stake in AST SpaceMobile during the 2nd quarter worth about $128,000. Accordant Advisory Group Inc grew its holdings in AST SpaceMobile by 2.0% during the 2nd quarter. Accordant Advisory Group Inc now owns 162,823 shares of the company's stock worth $1,890,000 after acquiring an additional 3,146 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in AST SpaceMobile in the 2nd quarter valued at about $334,000. 60.95% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AST SpaceMobile

In other news, Director Adriana Cisneros purchased 4,934 shares of the company's stock in a transaction on Friday, September 6th. The shares were purchased at an average price of $26.32 per share, with a total value of $129,862.88. Following the purchase, the director now directly owns 774,772 shares of the company's stock, valued at approximately $20,391,999.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 56.56% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group increased their price target on shares of AST SpaceMobile from $13.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, August 15th. Scotiabank lifted their target price on AST SpaceMobile from $28.00 to $45.90 and gave the company a "sector outperform" rating in a research note on Monday, August 26th. Deutsche Bank Aktiengesellschaft upped their price target on AST SpaceMobile from $22.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Finally, B. Riley raised their price target on AST SpaceMobile from $26.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, August 29th.

AST SpaceMobile Trading Up 11.3 %

Shares of ASTS stock traded up $3.04 during trading hours on Friday, reaching $29.83. The company had a trading volume of 25,762,638 shares, compared to its average volume of 10,452,717. AST SpaceMobile, Inc. has a 1-year low of $1.97 and a 1-year high of $39.08. The company has a debt-to-equity ratio of 0.83, a current ratio of 6.38 and a quick ratio of 6.38. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of -30.44 and a beta of 1.63. The company has a 50 day moving average of $22.67 and a 200 day moving average of $11.17.

AST SpaceMobile (NASDAQ:ASTS - Get Free Report) last posted its earnings results on Wednesday, August 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.05. The company had revenue of $0.90 million for the quarter, compared to analyst estimates of $2.00 million. On average, equities research analysts anticipate that AST SpaceMobile, Inc. will post -0.88 EPS for the current year.

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.