AST SpaceMobile (NASDAQ: ASTS) stock tumbled 10.8% through 2:30 p.m. ET Wednesday after Scotiabank analyst Andres Coello cut his price target on the shares and downgraded the stock to sector underperform (i.e., "sell").

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AST SpaceMobile famously signed up a series of marquee telecom names, including (NYSE: VZ) and (NYSE: T), to market its services to their customers. Yet Coello says AST lacks even one "single retail customer" signed up on its own. The company has committed to launching roughly "50 satellites" by "late 2026 or early 2027," but in 2025 was able to launch only one, and it has only six satellites total in service today.

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Source Fool.com