Why Is AST SpaceMobile (ASTS) Stock Up 44% Today?


  • AST SpaceMobile (ASTS) stock is rising higher on a deal with AT&T (T).
  • The two are working together on a space-based broadband network.
  • This will give service to customers using everyday cellphones.
ASTS Stock - Why Is AST SpaceMobile (ASTS) Stock Up 44% Today?

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AST SpaceMobile (NASDAQ:ASTS) stock is rocketing higher on Thursday after the space-based cellular broadband network company signed an agreement with wireless provider AT&T (NYSE:T).

This agreement caps off a Memorandum of Understanding between the two companies that was signed in 2018. It has them working together on a space-based broadband network available to everyday cellphones through 2030.

AST SpaceMobile plans to start this effort this summer with the delivery of five commercial satellites to Cape Canaveral. These will be sent into low Earth orbit to connect customers to the network.

AST SpaceMobile founder, Chairman and CEO Abel Avellan said the following about the agreement with AT&T:

“Working together with AT&T has paved the way to unlock the potential of space-based cellular broadband directly to everyday smartphones. We are thrilled to solidify our collaboration through this landmark agreement […] We aim to bring seamless, reliable service to consumers and businesses across the continental U.S., transforming the way people connect and access information.”

ASTS Stock Market Movement Today

ASTS stock is seeing heavy trading after announcing its deal with AT&T. That has more than 36 million shares changing hands as of this writing. This is a massive increase over its daily average trading volume of about 3.2 million shares.

ASTS stock is up 44% as of Thursday morning. However, the stock is still down 29.5% year-to-date (YTD).

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We offer up all of the hottest stock market news traders need to know about on Thursday! A few examples include what’s going on with Amazon (NASDAQ:AMZN) layoffs, Chubb (NYSE:CB) stock and Kulr Technology (NYSEMKT:KULR) shares today. All of this info is good to go 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.

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