AST SpaceMobile (NASDAQ:ASTS) shares are trading higher Monday, adding to gains of more than 110% over the last month. Here’s a look at what’s going on.
What To Know: The rally in shares of AST SpaceMobile started in mid-May when the company reported financial results for the first quarter and signed a deal with AT&T (NYSE:T).
Specifically, AT&T and AST SpaceMobile entered a commercial agreement, which extends until 2030, to work towards their first space-based broadband network directly accessible by everyday cell phones.
The rally has continued in recent weeks amid positive analyst coverage.
- Scotiabank analyst Andres Coello maintained AST SpaceMobile with a Sector Outperform and raised the price target from $7.4 to $12.9.
- UBS analyst Christopher Schoell maintained AST SpaceMobile with a Buy and raised the price target from $7 to $13.
In late May, AST SpaceMobile entered a strategic partnership with Verizon (NYSE:VZ) to provide direct-to-cellular AST SpaceMobile service when needed for Verizon customers. The partnership includes a $100 million commitment from Verizon.
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ASTS Price Action: AST Space Mobile shares are trading 10.4% higher at $11.28, according to data from Benzinga Pro.
Image: 4858797 from Pixabay.
