10 Firms That Soared Last Week

5. AST SpaceMobile Inc. (NASDAQ:ASTS)

Shares of AST SpaceMobile soared by 30.98 percent week-on-week to end at $26.51 apiece as investor sentiment cheered the company’s upgraded rating from a financial services firm.

On Thursday, Cantor Fitzgerald analyst Colin Canfield initiated an “overweight” rating on the satellite communications firm and set a price target of $30 within a year.

According to Canfield, ASTS’ strategic alignment with large telecommunications and technology enterprises such as AT&T and Verizon, alongside its budding defense opportunities and supply chain readiness, make the stock a “buy.”

Just recently, ASTS secured the special temporary authority approval from the Federal Communications Commission (FCC) that would enable it to test its first five commercial BlueBird satellites.

FCC’s approval would support ASTS’ voice, full data, and video applications and other native cellular broadband capabilities for mobile services giants AT&T and Verizon.