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Why Is AST SpaceMobile (ASTS) Moving Today?

Visualization of the communication network around Earth. ASTS stock

Source: Blue Planet Studio/Shutterstock

AST SpaceMobile (NASDAQ:ASTS) stock is a hot topic on Monday as investors react to the company successfully setting up its BlueWalker 3 satellite array.

This satellite array offers up direct connections to cell phones via 3GPP standard frequencies. This allows them to operate at 5G speeds and it covers 300,000 square miles on the Earth’s surface.

With BlueWalker 3 unfolded, AST SpaceMobile is closing in on its goal of offering fast connection speed to customers around the world. It already has contracts with several wireless providers, such as Vodafone (NSE:IDEA), AT&T (NYSE:T), Telefonica (NYSE:VIV), and others.

Chris Sambar, president of Network at AT&T, said the following.

“We’re excited to see AST SpaceMobile reach this significant milestone. AT&T’s core mission is connecting people to greater possibilities on the largest wireless network in America. Working with AST SpaceMobile, we believe there is a future opportunity to even further extend our network reach including to otherwise remote and off-grid locations.”

ASTS Stock is Seeing Wild Swings Today

Initially, heavy trading of ASTS stock saw the company’s shares soar more than 20% this morning. That came alongside more than 4 million shares changing hands. For the record, its daily average trading volume is about 1.6 million shares. However, the stock is currently down 2.9% as of Monday morning.

Investors searching for more of the latest stock market news will want to stick around!

InvestorPlace has all of that news ready to go in one place! For Monday, that includes what’s happening with shares of Sono Motors (NASDAQ:SEV), Biogen (NASDAQ:BIIB), and AMC Entertainment (NYSE:AMC) stock today. You can find all of that info at the following links!

More Monday Stock Market News

On the date of publication, William White did not have (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.

This satellite array offers up direct connections to cell phones via 3GPP standard frequencies. This allows them to operate at 5G speeds and it covers 300,000 square miles on the Earth’s surface.

Source: https://investorplace.com/2022/11/why-is-ast-spacemobile-asts-moving-today/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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