Why Did AST SpaceMobile Stock Slip in April?
Shares of AST SpaceMobile (NASDAQ: ASTS) dropped 10.8% in April, according to data from S&P Global Market Intelligence. Even though the rest of the space economy stocks have been soaring ahead of a SpaceX IPO, AST SpaceMobile is increasingly facing bearish sentiment due to a recent Blue Origin launch failure, heavy insider selling, and encroaching competition from SpaceX.
The company generates barely any revenue and yet has a market cap of $27.5 billion. Here's why AST SpaceMobile fell in April, and whether now is the time to buy the dip.
AST SpaceMobile is building a network of large satellites that can beam high-speed internet directly to mobile devices. This has never been done before on this scale, and could prove quite innovative if it can get a working network for millions of customers to use.
Source Fool.com
