On October 8, AST SpaceMobile, Inc. fell 5.13% in regular trading, with the stock changing hands around $57.49 and turnover of $2.42 billion.

The decline extends the pressure sparked by B. Riley's downgrade of the stock from Buy to Neutral earlier in the month, as the firm cut its price target from $85 to $65 on concerns that multi-tenant satellite network competitors could squeeze pricing power and ARPU. The rating action has continued to dominate sentiment even after the company completed its first satellite-to-smartphone integration test with Telus, a milestone that failed to offset the valuation drag.

AST SpaceMobile, Inc., together with its subsidiaries, operates space-based cellular broadband network for mobile phones in the United States. Its SpaceMobile service provides mobile broadband services to end-users who are out of terrestrial cellular coverage.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)