PNC Financial Services Group Inc. (NYSE: PNC) reduced its position in AST SpaceMobile Inc. (NASDAQ: ASTS) by 10.7% during the fourth quarter of 2025, according to the firm’s most recent Form 13F filing with the Securities and Exchange Commission, bringing its stake to a value of approximately $8.02 million.
The Pittsburgh-based financial services conglomerate, which manages one of the largest wealth management operations in the United States, sold down its ASTS position as part of routine portfolio rebalancing, retaining a meaningful but reduced exposure to the satellite-to-smartphone connectivity company.
The partial exit came ahead of what has become a dramatic period of price appreciation for ASTS, which closed at $105.86 on Friday, May 22, 2026, having surged 10% on the session alone and risen approximately 41% over the prior two weeks as momentum in the stock accelerated sharply.
That two-week advance places the 13F exit in a different context from what PNC’s portfolio managers would have anticipated when the Q4 trimming decision was made, with the stock having gained significantly from the levels at which the reduction was executed.
AST SpaceMobile reported first-quarter 2026 revenue of $14.7 million alongside a cash position of $3.5 billion, and the company maintained its 2026 revenue guidance of $150 million to $200 million as it works to scale the deployment of its BlueBird satellite constellation toward a target of 45 satellites in orbit by the end of the year.
The company has attracted a joint venture announcement from three mega-cap communications services providers seeking to extend mobile connectivity using satellite-based direct-to-device technology, a development that investors have interpreted as validation of the core commercial thesis behind ASTS.
A leveraged ETF tracking ASTS was launched this week by Defiance ETFs under the ticker ASTY, providing retail traders with a daily 2x leveraged exposure to the stock, a product launch that typically signals and sometimes accelerates retail momentum interest in a name.
B. Riley Securities analyst Mike Crawford set a price target of $85 on ASTS in May, while UBS analyst Christopher Schoell placed a target at $80, both figures now below the current market price following the stock’s rapid appreciation.
AST SpaceMobile’s 52-week range extends from a low well below $50 to a high of $107.56 touched intraday on May 22, meaning the stock is approaching or surpassing all-time high territory as institutional and retail interest in the satellite connectivity sector has intensified alongside the broader space infrastructure investment theme in 2026.
PNC’s reduced position, worth $8.02 million at the time of the Q4 filing, represents a relatively small exposure for an institution of PNC’s scale, suggesting the investment thesis for the bank’s wealth management arm was opportunistic rather than a high-conviction strategic bet, and that the Q4 trim reflected standard portfolio discipline rather than a negative view of the company’s prospects.
