Why AST SpaceMobile Stock Dropped More Than 33% In July
Here's what drove the steep decline.
Overview
AST SpaceMobile (NASDAQ: ASTS) had a brutal July. Shares of the satellite company fell 33.6% over the month, while the S&P 500 was mostly flat and the Nasdaq Composite lost 3.2%.
Space stocks were hit hard across the board, dragged down by SpaceX's nearly 37% sell off. Rocket Lab fell more than 35%.
But there were direct catalysts at play as well: a $1 billion convertible debt raise, and a filing that pushed the company's 45-satellite rollout from this year into next.
Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.