Stock Market Today, Oct. 9: AST SpaceMobile Slides on SpaceX Spectrum Move
AST SpaceMobile (NASDAQ:ASTS), a satellite-based mobile broadband network for standard smartphones, closed at $50.97, down 10.48%. Pressure from SpaceX's spectrum move weighed on shares, while investors are now watching carrier partnerships and commercialization progress.
Trading volume reached 53.8 million shares, coming in about 318% above its three-month average of 12.9 million shares. AST SpaceMobile IPO'd in 2019 and has grown 422% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,811, up 0.59%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 27,366, up 0.64%. In satellite telecommunications / direct-to-device connectivity, Iridium Communications closed at $47.47, down 0.19%, while Space Exploration Technologies closed at $162.57, up 1.25%, framing AST SpaceMobile's slide against mixed peer trading.
What this means for investors
AST SpaceMobile stock plunged as investors fear it could be lagging further behind SpaceX in its bid to deliver satellite broadband. After announcing plans to acquire a spectrum portfolio from digital infrastructure company Grain Management, SpaceX investors see more of its broad growth and expansion goals.
AST SpaceMobile has been investing heavily to deploy satellite constellations to connect directly to smartphones, eliminating the need for added ground gear or special devices.
With SpaceX's purchase of low-band spectrum, it seeks to challenge telecommunications giants by providing mobile service through Starlink Mobile. SpaceX also gained FCC approval last month for a 15,000-satellite direct-to-cell network, further pressuring AST SpaceMobile's long-term plans.
Investors are beginning to worry that AST SpaceMobile may not see the returns on the vast satellite investments it needs.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool has a disclosure policy.
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