Why AST SpaceMobile Stock Shot Higher Today
AST SpaceMobile (NASDAQ: ASTS) stock has continued to soar since it announced its latest business update and second-quarter results last week. The march higher began after the company reaffirmed that plans for its most critical satellite launch ever are on track.
On Friday, Bank of Nova Scotia, or Scotiabank, analyst Andres Coello raised his firm's price target on the space communications company by a whopping 33% to $28 per share. Coello maintained the equivalent of a buy rating, even though AST shares closed Friday at $31. The rise in AST shares continued today, with the stock higher by 15.6% as of 12:55 p.m. ET.
But Coello's price target increase isn't the real reason AST shares have been going parabolic recently. It's the excitement investors are feeling for the company's upcoming launch of its first commercial satellites. AST has also heightened that excitement with an offer for retail shareholders to potentially attend the five-satellite BlueBird launch next month.
Source Fool.com
