ASTS - Why AST SpaceMobile Stock Popped 7% on Tuesday
2024-06-11 11:46:44 ET
AST SpaceMobile (NASDAQ: ASTS) stock jumped 6.8% through 11 a.m. ET Tuesday, and for a most surprising reason.
The cellphones-to-satellites-to-cellphones communications company filed a Form S-3 with the Securities and Exchange Commission (SEC) this morning, advising that one of its shareholders intends "from time to time" to sell up to 10.4 million shares of AST.
Selling AST stock now makes a lot of sense. Thanks in part to two analyst price target hikes (valuing AST stock as high as $13 a share) over the past two weeks, as well as two big contract announcements signed with AT&T and Verizon Communications , shares of AST stock have shot up nearly 80% since late May.
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Why AST SpaceMobile Stock Popped 7% on Tuesday