AST SpaceMobile Hit a 52-Week Low Days After SpaceX Spent $8 Billion on Spectrum. That’s Not a Coincidence.
AST SpaceMobile (NASDAQ: ASTS) sank to a 52-week low of $39.02 on Oct. 20, just 12 days after SpaceX (NASDAQ: SPCX) agreed to acquire Grain Management’s nationwide 800 MHz low-band spectrum portfolio for $8 billion. Let’s see why that announcement torpedoed AST’s stock — and why investors might be overreacting to the news.
AST SpaceMobile develops low Earth orbit (LEO) satellites for direct-to-cell connections. Its top customers include AT&T (NYSE: T) and Verizon (NYSE: VZ), and its satellites expand their cellular networks to remote areas that their terrestrial towers can’t reach.
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