ASTS - Why AST SpaceMobile Stock Is Up Again Today
2024-05-17 11:23:23 ET
A day after AST SpaceMobile (NASDAQ: ASTS) stock got a big boost from the company solidifying a key partnership, Wall Street is rallying to the cause. Shares of the space communications company got a price target boost and had traded up 19% by 11 a.m. ET.
AST SpaceMobile is attempting to build a business that links smartphones to its satellite-based network. The technology would allow for voice calls and data connections even in dead spots, without customers having to buy bulky and costly satellite phones.
Late Wednesday, the company announced a commercial partnership with AT&T to help with the rollout of the service this summer. AST and AT&T have been working together for years, but the new agreement gives AST a powerful partner as it prepares for a launch and caused the shares to rally .
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Why AST SpaceMobile Stock Is Up Again Today