Market Slump Drags Down Share Prices of AST Space Mobile Inc. (ASTS)

We recently published an article titled Market Slump Drags Down Share Prices of These 15 Companies. In this article, we are going to take a look at where AST Space Mobile Inc. (NASDAQ:ASTS) stands against the other stocks.

Wall Street’s main indices ended this week’s trading on a bloodbath following an overall market selloff as investors shifted their capital into assets offering higher returns.

This article will delve into the factors behind the downturn and explore why each company was particularly affected.

To come up with Friday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

An aerial view of a communications satellite in orbit, beaming its signal down to Earth.

AST Space Mobile Inc. (NASDAQ:ASTS)

Shares in AST Space Mobile declined by 7.13 percent on Friday to finish at $22.92 apiece amid the lack of catalyst to spark buying positions.

Despite the decline, several analysts remained bullish on the company’s growth performance moving forward, even earning a “buy” rating.

Last month, UBS Group boosted its target price for AST Space to $31 from $30 apiece, while B. Riley upped its target price to $36 from $26 each.

Deutsche Bank was the most bullish among all analysts, increasing its price target to $63 from $22.

AST SpaceMobile is a company engaged in designing and manufacturing satellites. It said it aims to develop the foundation for an increasingly interconnected society.

Overall ASTS ranks 6th on our list of the stocks that were recently dragged down by market slump. While we acknowledge the potential of ASTS as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ASTS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.