10 Stocks Lead Wednesday’s Charge, Mirror Broader Gains

1. AST SpaceMobile Inc. (NASDAQ:ASTS)

AST SpaceMobile jumped by 18.14 percent on Wednesday to finish at $33.8 apiece as investors continued to gobble up shares following recently bagged deals and beating analysts’ earnings estimates.

The company, which reported its earnings results on Monday, beat earnings per share estimates by 6 cents, ending at -$0.12 versus a -$0.18 estimate.

ASTS, however, posted a 244-percent higher net loss in full-year 2024 at $300 million versus the $87 million registered in 2023.

Net loss in the fourth quarter alone also grew by 12 percent to $35.8 million from $31.9 million in the same period a year earlier.

Among its significant business updates, AST SpaceMobile, Inc. said it officially clinched a definitive commercial agreement with Vodafone through 2034 to establish a framework to offer SpaceMobile service in its 20+ countries across Europe and Africa.

It also secured a contract with the US Space Development Agency, which is expected to rake in $43 million in revenues.

While we acknowledge the potential of ASTS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ASTS but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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