Why AST SpaceMobile Stock Popped, Then Dropped on Friday
Shares of satellite telecommunications company AST SpaceMobile (NASDAQ: ASTS) rose 15% through 10 a.m. ET Friday morning after yet another Wall Street analyst hiked its price target. By 11 a.m., though, the stock had turned tail and plunged 8.5%.
Why the pop and why the drop? TheFly.com notes Scotiabank analyst Andres Coello raised his target on AST to $28 today. That sounds like good news, and Coello insists the stock will outperform. Problem is, AST stock already costs $35 per share, so this is also sort of bad news.
On Wednesday, AST confirmed plans to launch five Bluebird communications satellites in the first half of September.
Source Fool.com