ASTS - Why AST SpaceMobile Stock Popped Today
2024-03-06 13:57:56 ET
Shares of cellphones-to-satellites communications company AST SpaceMobile (NASDAQ: ASTS) jumped 5.3% through 12:30 p.m. ET on Wednesday after Scotiabank analyst Andres Graham initiated coverage of the stock with a sector outperform (buy) rating last night.
The Scotiabank analyst put a $7.50 price target on AST stock, implying that over the next 12 months, the shares should more than double over their current price of $3 and change, as reported today on StreetInsider.com.
Why is Graham so optimistic about AST -- which is, after all, down 56% over the past year, lost $64 million last year, has no profits and no revenue either? Basically, because the analyst feels AST is the top dog and first mover in this new industry of direct-to-cell (DTC) telecommunications via satellite .
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Why AST SpaceMobile Stock Popped Today