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

Principal Financial Group Inc. lowered its stake in AST SpaceMobile, Inc. (NASDAQ:ASTS) by 19.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Amalgamated Bank raised its holdings in AST SpaceMobile by 17.4% in the third quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after acquiring an additional 679 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of AST SpaceMobile by 5.5% during the second quarter. Victory Capital Management Inc. now owns 15,542 shares of the company’s stock valued at $180,000 after purchasing an additional 814 shares in the last quarter. Fairfield Financial Advisors LTD acquired a new position in shares of AST SpaceMobile during the third quarter valued at approximately $26,000. Hollencrest Capital Management bought a new stake in AST SpaceMobile in the third quarter worth about $26,000. Finally, Calton & Associates Inc. lifted its stake in AST SpaceMobile by 14.5% during the third quarter. Calton & Associates Inc. now owns 12,600 shares of the company’s stock valued at $329,000 after purchasing an additional 1,600 shares during the last quarter. 60.95% of the stock is owned by institutional investors and hedge funds.

AST SpaceMobile Stock Up 0.7 %

ASTS opened at $24.14 on Tuesday. The business has a 50 day moving average of $23.81 and a 200-day moving average of $22.89. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of -11.39 and a beta of 1.64. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.31. AST SpaceMobile, Inc. has a 1-year low of $1.97 and a 1-year high of $39.08.

Analyst Upgrades and Downgrades

ASTS has been the subject of several recent analyst reports. Scotiabank decreased their target price on shares of AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday, November 15th. UBS Group lifted their price objective 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.

About AST SpaceMobile

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.