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Source: Blue Planet Studio/ShutterstockAST SpaceMobile (NASDAQ:ASTS) stock is taking off on Tuesday after the space company released results for the second quarter of 2022.
That earnings report includes diluted earnings per share of -6 cents alongside revenue of $7.26 million. Both of these are improvements over the -39 cents per share and revenue of $2.8 million reported during the same period of the year prior.
Abel Avellan, chairman and CEO of AST SpaceMobile, said the following in the earnings report.
“We are thrilled to be on-site at Cape Canaveral, FL, taking our BlueWalker 3 test satellite through final preparations and continuation of testing for the upcoming planned launch to low Earth Orbit in early to mid-September. Alongside this milestone, the team is hard at work in preparing our Texas headquarters and extension facility for future production of our initial BlueBird satellites.”
Today’s earnings news pushed ASTS stock to a new 52-week high of $14.12 per share as of this writing. Investors will note that this comes with heavy trading as some 3 million shares trade hands. For comparison, the company’s daily average trading volume of about 980,000 shares.
ASTS stock has been seeing quite a bit of trading lately that’s moving it higher. This comes as speculative traders have added it to the list of meme stocks with recent investments. That’s also a contributing factor behind its rising price today.
ASTS stock is up 9.5% as of Tuesday afternoon.
There’s more stock market news worth diving into below!
InvestorPlace is home to all of the hottest stock market news traders need to know about! For Tuesday, that includes what’s going on with shares of Faraday Future (NASDAQ:FFIE), Nu Holdings (NYSE:NU), and Carvana (NYSE:CVNA) stock. We’ve got all that news and more at the following links!
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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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