Why is AST SpaceMobile Trading to the Moon?

AST SpaceMobile Inc (ASTS) shares surged 6.4% on June 16. Over the past month, the stock has surged 51.9%, which is huge enough to draw the attention of investors.

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AST SpaceMobile, which is building the world’s first space-based cellular network, has a market capital of $570.6 million. The company shares started trading on Nasdaq on April 7, 2021, under the ticker symbol ASTS.

AST SpaceMobile is trying to build a path-breaking technology. This tech is a solely space-based broadband cell phone network. It does not require any towers to work and will be available anywhere and everywhere. However, the details pertaining to this technology have not been disclosed by the company. (See AST SpaceMobile stock chart on TipRanks)

As nearly half of the world’s population still remains unconnected to the internet due to their residing in areas with no network or other economic reasons, AST SpaceMobile technology definitely seems life-changing.

Let Us Know More!

Though there are no concrete reasons for the surge in the stock price, given the lack of information from the company’s PR team, there are few interesting facts about the stock which might have sent the prices soaring.

AST SpaceMobile has been recently recommended by a user in Reddit’s Wallstreetbets forum, and that enthusiasm among traders appears to be enough to bring a surge in the price.

Additionally, on June 7, there were rumors that AST SpaceMobile could soon find itself included in the Russell 2000 Index. If the rumors turn out to be true, the shares could touch another high.

So, possibly these could be the share drivers for the company.

Important TipRank Metrics

AST SpaceMobile scores a 5 of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market averages.

TipRanks data shows that financial blogger opinions are 75% Bullish on ASTS, compared to a sector average of 70%.