📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

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?

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.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.