AST SpaceMobile Holds Steady at 10th on WSB as Stock Slips Amid Continued Downtrend
1min read AST SpaceMobile (ASTS) secures the 10th place on the latest WSB ranking, maintaining its position from the previous day. The company's shares slipped 0.65%, continuing a three-day downward trend that resulted in a cumulative decline of 21.58% over the past three days.
On September 5, 2024, AST SpaceMobile recorded a turnover of $1.171 billion, ranking 33rd in the US stock market, despite a 20.48% decrease in turnover from the previous day. The same day, ASTS shares dropped by 14% to close at $28.45. Over the last five trading days, the stock has fallen by 2.74%, contributing to a 2.03% decline for the month of September. However, year-to-date, ASTS has surged by 371.81%, and it boasts an impressive 629.49% increase over the past 52 weeks.
AST SpaceMobile, founded on May 28, 2019, in Delaware, is a pioneer in the design and manufacture of satellites. Together with its global partners, the company aims to establish the first and only space-based cellular broadband network accessible via standard smartphones. AST's SpaceMobile Low Earth Orbit satellite network is envisioned to provide global direct mobile broadband connectivity, allowing seamless communication with any standard, unmodified mobile phone or 2G, 3G, 4G LTE, 5G, and IoT devices.
On August 14, AST SpaceMobile released its mid-2024 financial report. As of June 30, 2024, the company reported operating revenue of $1.4 million and a net loss of $171 million, translating to a basic earnings per share of -$0.70.
Moreover, on September 4, Deutsche Bank reaffirmed its buy rating on AST SpaceMobile, adjusting its target price to $63.00. The company remains focused on eradicating connectivity gaps faced by mobile users, ultimately aiming to deliver broadband access to billions of unconnected individuals worldwide.