AST SpaceMobile (NASDAQ:ASTS), provider of a space-based cellular broadband network accessible directly by smartphones, closed Friday at $82.41, down 15.53%. Shares fell during the regular session as a “space-stock shakeout,” and profit-taking after strong recent gains met lingering concerns about new competition in the public market. Investors are also watching next week’s BlueBird 8–10 Falcon 9 launch and execution on its new FCC license.Trading volume reached 54.3 million shares, about 172% above its three-month average of 20 million shares. AST SpaceMobile IPO’d in 2019 and has grown 744% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) rose 0.50% to 7,431.46, while the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.31% to finish at 25,889. Among communication equipment peers, Iridium Communications (NASDAQ:IRDM) closed at $47.32 (-5.19%) and Globalstar (NASDAQ:GSAT) ended at $81.16 (+0.06%) as investors reassessed satellite-connectivity valuations. The biggest news in the space sector was the Space Exploration Technologies (SpaceX) (NASDAQ:SPCX) IPO, which soared nearly 20% to $161.11.
What this means for investors
Today’s SpaceX IPO created what some commentators described as a “space-stock shakeout” among names in the sector. AST SpaceMobile may be one of the most exposed to competition from SpaceX, though. That company’s Starlink business has an in-house platform for launching its satellites and potentially offering direct-to-smartphone internet service.
AST’s stock has also soared by about 125% over the last year, while the company still has a long road of capital spending and satellite deployment to attain profitability.
With a new disruptor like SpaceX in the public markets, investors may be taking profits in AST SpaceMobile and putting their money into SpaceX now.
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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.