Why Did AST SpaceMobile (ASTS) Stock Just Hit a New 52-Week High?

  • AST SpaceMobile (ASTS) stock is getting a boost on Tuesday.
  • Part of the move comes from its second-quarter earnings report.
  • Speculative traders have also been pushing shares of ASTS stock higher lately.
An image of the Earth with a digital web connecting around it representing ASTS stock.

Source: Blue Planet Studio/Shutterstock

AST SpaceMobile (NASDAQ:ASTS) stock is taking off on Tuesday after the space company released second-quarter results.

First off, AST’s earnings report included a diluted earnings per share (EPS) loss of 6 cents alongside revenue of $7.26 million. Both of these are year-over-year (YOY) improvements. In the same period last year, the company saw -39 cents per share and revenue of $2.77 million.

CEO Abel Avellan said the following in the earnings report:

“We are thrilled to be on-site at Cape Canaveral […] 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 past $14 per share. Investors will note that this comes with heavy trading. Some 3 million shares have traded hands as of this writing. For comparison, the company has a daily average trading volume of about 980,000 shares.

In addition to today’s move, ASTS stock has seen a lot of trading lately. This comes as speculative traders add shares to their lists of meme stocks, a contributing factor behind the rising price.

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!

More Tuesday Stock Market News

On the date of publication, William White did not hold (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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/08/why-did-ast-spacemobile-asts-stock-just-hit-a-new-52-week-high/.

©2023 InvestorPlace Media, LLC