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Why Is Satellite Company AST SpaceMobile Stock Soaring On Tuesday?

Published 11/06/2024, 19:15
Updated 11/06/2024, 20:40
© Reuters.  Why Is Satellite Company AST SpaceMobile Stock Soaring On Tuesday?
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Benzinga - by Anusuya Lahiri, Benzinga Editor.

AST SpaceMobile, Inc (NASDAQ:ASTS) disclosed in filing for the resale of up to 10.45 million shares by selling stockholders.

The satellite designer and manufacturer is also trading higher in sympathy with Apple Inc’s (NASDAQ:AAPL) launch of iOS 18 with satellite messaging during its annual developer event.

iPhone 14 and later users can now send messages via satellite, even when cellular connections are unavailable.

They can also send emojis with tapback and enjoy text effects like jitter, shake, and bounce.

In 2024, Verizon Communications Inc (NYSE:VZ) and AT&T Inc (NYSE:T) collaborated with AST SpaceMobile, Inc (NASDAQ:ASTS) to provide a broadband network directly to cell phones.

Globalstar (NYSE:GSAT) stock also traded higher on Tuesday. In 2022, Apple tapped Globalstar to enable its iPhone 14 and iPhone 14 Pro models to send messages via a satellite outside cellular and Wi-Fi coverage.

AST SpaceMobile stock gained over 53% in the last 12 months. Investors can gain exposure to the stock via iShares Russell 2000 ETF (NYSE:IWM) and iShares Russell 2000 Growth ETF (NYSE:IWO).

ASTS Price Action: AST SpaceMobile shares were up 1% at $9.41 at the last check on Tuesday.

Photo via Company

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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