On September 2, AST SpaceMobile, Inc. rose 8.26% in regular trading, trading at $59.70/share, with turnover of $117 million. The stock rebounded after a period of consecutive pullbacks driven by spectrum acquisition uncertainty and weaker-than-expected quarterly results.
On the news front, Berenberg launched coverage of the U.S. space sector, initiating AST SpaceMobile, Inc. with a Buy rating and a price target of $92, implying significant upside from current levels. Analyst Michael Filatov highlighted that the space economy surpassed $500 billion last year and is expected to exceed $1 trillion before 2030. According to FactSet, the stock carries an average Hold rating with a mean price target of $82.33.
The upgrade comes after a challenging stretch for the stock. The company reported Q2 adjusted EPS of -$0.35, missing the consensus estimate of -$0.28, while revenue of $31.52 million also fell short. Bank of America subsequently cut its target from $95 to $80. Additionally, uncertainty around a potential $6 billion spectrum acquisition from Grain Management weighed on sentiment after SpaceX denied its involvement in the bidding process.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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