AST SpaceMobile (NASDAQ:ASTS) stock is in the news Monday as the company’s BlueWalker 3 satellite enters Earth’s orbit.
BlueWalker 3 is a test satellite that AST SpaceMobile is using ahead of the launch of its space-based cellular broadband network. The company seeks to be the sole operator of such a network accessible by standard mobile devices.
AST SpaceMobile revealed the success of BlueWalker 3 reaching orbit in a Tweet posted on Sunday. The company notes that the launch was a success and that its engineers are currently in communication with the spacecraft.
Abel Avellan, Chairman and CEO of AST SpaceMobile, said the following about the launch.
“The start of the BlueWalker 3 mission is a major step forward to provide space-based cellular broadband. With agreements and understandings from mobile network operators who collectively provide service to over 1.8 billion subscribers around the globe, the BW3 mission bolsters our mutual commitment to connect the unconnected.”
Investors will also note that ASTS stock is experiencing heavy trading on Monday following the orbit news. As of this writing, more than 1.6 million shares of the company’s stock have changed hands. That’s already above its daily average trading volume of about 1.3 million shares.
ASTS stock is up 6.6% as of Monday morning and is up 39.8% since the start of the year.
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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.