Griffin Asset Management Inc. lifted its holdings in shares of AST SpaceMobile, Inc. (NASDAQ:ASTS – Free Report) by 62.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 30,096 shares of the company’s stock after acquiring an additional 11,541 shares during the quarter. Griffin Asset Management Inc.’s holdings in AST SpaceMobile were worth $2,494,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Crewe Advisors LLC bought a new stake in AST SpaceMobile during the 4th quarter valued at $25,000. Laurel Wealth Advisors LLC bought a new position in shares of AST SpaceMobile in the fourth quarter worth $25,000. Portus Wealth Advisors LLC bought a new position in shares of AST SpaceMobile in the first quarter worth $30,000. Advocate Investing Services LLC purchased a new position in shares of AST SpaceMobile in the first quarter valued at $31,000. Finally, Byrne Asset Management LLC purchased a new position in shares of AST SpaceMobile in the fourth quarter valued at $29,000. 60.95% of the stock is owned by institutional investors.
AST SpaceMobile Price Performance
NASDAQ:ASTS opened at $73.88 on Friday. The firm has a market capitalization of $28.67 billion, a price-to-earnings ratio of -41.51 and a beta of 2.69. AST SpaceMobile, Inc. has a 52-week low of $36.08 and a 52-week high of $133.86. The stock has a fifty day moving average of $87.36 and a 200 day moving average of $89.81. The company has a debt-to-equity ratio of 1.11, a quick ratio of 18.37 and a current ratio of 18.47.
Analyst Ratings Changes
A number of analysts recently issued reports on ASTS shares. UBS Group decreased their price objective on AST SpaceMobile from $85.00 to $80.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. B. Riley Financial lifted their target price on AST SpaceMobile from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. Wall Street Zen cut AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research report on Wednesday, April 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a research report on Wednesday, June 24th. Finally, New Street Research set a $106.00 price target on shares of AST SpaceMobile in a report on Friday, May 29th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $85.09.
View Our Latest Analysis on AST SpaceMobile
Insiders Place Their Bets
In related news, CTO Huiwen Yao sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $96.37, for a total value of $3,854,800.00. Following the sale, the chief technology officer directly owned 34,750 shares of the company’s stock, valued at $3,348,857.50. This trade represents a 53.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Hiroshi Mikitani sold 1,350,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $86.22, for a total transaction of $116,397,000.00. Following the completion of the sale, the insider directly owned 27,980,155 shares in the company, valued at $2,412,448,964.10. This represents a 4.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 3,145,809 shares of company stock worth $280,645,292. Insiders own 20.89% of the company’s stock.
AST SpaceMobile Company Profile
AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.
AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.
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