Why AST SpaceMobile (ASTS) Skyrocketed on Friday?
We recently published a list of 10 Firms Buck Market Slump on Impressive Earnings, New Deals. In this article, we are going to take a look at where AST SpaceMobile, Inc. (NASDAQ:ASTS) stands against other firms buck market slump on impressive earnings, new deals.
The stock market ended the trading week in the red territory following President Donald Trump’s announcement that he would begin slapping tariffs against major US trading partners.
The Dow Jones shed 0.75 percent, the S&P 500 lost 0.50 percent, while the Nasdaq Composite dropped by 0.28 percent.
Ten companies bucked a wider market decline amid a flurry of positive catalysts that sparked buying appetite. In this article, we will take a look at which companies posted notable gains and explore the reasons behind their performance.
To come up with Friday’s gainers, we only considered those with $2 billion in market capitalization and $5 million in daily trading volume.
Why AST SpaceMobile (ASTS) is Skyrocketing?
An aerial view of a communications satellite in orbit, beaming its signal down to Earth.
AST SpaceMobile, Inc. (NASDAQ:ASTS) jumped for a second day on Friday, adding 11.15 percent to close at $20.24 apiece after securing the Special Temporary Authority approval from the Federal Communications Commission (FCC) that would enable the company to test its first five commercial BlueBird satellites.
FCC’s approval would support AST SpaceMobile’s voice, full data, and video applications and other native cellular broadband capabilities for AT&T and Verizon.
“The FCC USA regulatory approvals represent a pivotal moment for AST SpaceMobile (NASDAQ:ASTS) as we advance toward delivering seamless space-based cellular broadband connectivity,” said Vikram Raval Global Head of Regulatory Affairs of AST SpaceMobile (NASDAQ:ASTS).
For his part, AST SpaceMobile Chief Commercial Officer Chris Ivory said: “Alongside integration efforts with partner networks we are installing five gateways in the United States, and we are now accelerating our path to commercial activity, starting with testing service with off-the-shelf cellular handsets on AT&T and Verizon networks.”
Overall, ASTS ranks 4th on our list of firms buck market slump on impressive earnings, new deals. While we acknowledge the potential of ASTS as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ASTS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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