On October 7, AST SpaceMobile, Inc. fell 5.53% in regular trading, trading at $59.14/share, with Turnover of $1.09 billion.
The decline was primarily driven by B. Riley downgrading the stock from Buy to Neutral and cutting its price target from $85 to $65, citing concerns over pricing power and ARPU compression from multi-tenant satellite network competitors. This rating action dominated market sentiment despite the company completing its first satellite-to-smartphone integration test with Telus.
AST SpaceMobile, Inc., together with its subsidiaries, operates space-based cellular broadband network for mobile phones in the United States. Its SpaceMobile service provides mobile broadband services to end-users who are out of terrestrial cellular coverage. Founded in 2017, the company is based in Midland, Texas.
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