AST SpaceMobile ( (ASTS) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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AST SpaceMobile’s stock took a hit after Scotiabank downgraded its rating from Outperform to Sector Perform, citing the stock’s high valuation after a recent rally and a lack of new catalysts for a higher price target. Despite this, the firm remains optimistic about the company’s long-term potential due to its innovative technology. Additionally, AST SpaceMobile announced a $225M cash repurchase of convertible notes and a direct share offering to reduce debt, but these moves did not stop the stock’s decline.
More about AST SpaceMobile
YTD Price Performance: 145.93%
Average Trading Volume: 12,185,243
Technical Sentiment Signal: Buy
Current Market Cap: $16.48B
For further insights into ASTS stock on TipRanks’ Stock Analysis page.
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