RIOT - Why Is AST SpaceMobile (ASTS) Stock Up 33% Today?
2024-05-29 10:27:10 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
AST SpaceMobile (NASDAQ: ASTS ) stock is on the rise Wednesday after the space-based wireless phone service company announced a deal with Verizon (NYSE: VZ ).
This deal has AST SpaceMobile agreeing to supply Verizon customers with its direct-to-cellular AST SpaceMobile service when needed. It also comes with a $100 million commitment from Verizon.
AST SpaceMobile founder, chairman and CEO Abel Avellan said the following about the deal:
“This new partnership with Verizon will enable AST SpaceMobile to target 100% coverage of the continental United States on premium 850 MHz spectrum with two major U.S. mobile operators in the most valuable wireless market in the world, a transformational commercial milestone.”
Investors will note that this deal with Verizon builds on similar offerings that AST SpaceMobile has with other wireless carriers . That includes one announced with AT&T (NYSE: T ) earlier this month.
ASTS Stock Movement Today
News of today’s deal with Verizon brings heavy trading for ASTS stock. As of this writing, more than 32 million shares have been traded as investors buy shares. This is already well above AST SpaceMobile’s daily average trading volume of about 5.9 million shares.
ASTS stock is up 33.3% as of Wednesday morning and 45% since the start of the year.
Investors will want to keep reading for more of the most recent stock market stories!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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