Why AST SpaceMobile Stock Skyrocketed This Week
A major acquisition in the space tech category propelled massive gains for AST stock this week.
Overview
AST SpaceMobile (NASDAQ: ASTS) stock closed out this shortened trading week with massive gains. The company's share price gained 31.2% across the stretch. The S&P 500 gained 1.8% across the period, and the Nasdaq Composite rose 2.1%.
In addition to bullish momentum for the broader market, AST's valuation got a huge boost from news that another player in the space industry was making a big acquisition. Rocket Lab is on track to acquire Iridium Communications in an $8 billion deal, and investors see that as a bullish sign for AST.
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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.