AST SpaceMobile (NASDAQ:ASTS) stock is rising higher on Wednesday after the space-based cellular broadband network company announced positive news.
According to a press release from AST SpaceMobile, the company has confirmed the ability of its BlueWalker 3 low Earth orbit satellite to communicate with unmodified cellphones at 4G speeds. That means it was able to send data at a speed above 10 Mbps during a recent test in Hawaii.
AST SpaceMobile says that it plans to continue its tests of the BlueWalker 3 low Earth orbit satellite. The company says the next major goal it wants to reach is the ability to send data to unmodified smartphones at 5G speeds.
Abel Avellan, Chairman and CEO of AST SpaceMobile, said the following in the news release:
“Achieving this milestone from an unmodified, standard cell phone on the ground connecting through our low Earth orbit satellite is another groundbreaking moment in telecommunications history and an important step toward AST SpaceMobile’s goal of bringing broadband services to parts of the world where cellular coverage is either unreliable or simply does not exist today.”
ASTS Stock Movement Today
With the positive test data comes heavy trading of ASTS shares. As of this writing, more than 2.7 million shares have been traded. For the record, the company’s daily average trading volume is closer to 1.9 million shares.
ASTS stock is up 3.1% as of Wednesday morning.
Investors looking for more of the most recent stock market news are going to want to stick around!
We have all of the hottest stock market news that traders need to know about on Wednesday! A few examples include everything happening with shares of Spotify (NYSE:SPOT) stock, the latest on a Coinbase Global (NASDAQ:COIN) stock short squeeze and what’s going on with crypto mining stocks today. Investors can check out all of this news at the following links!
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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.