Why AST SpaceMobile, Inc. (ASTS) Soared At The Start Of The Trading Week

We recently compiled a list of the 10 Firms Kick Off Trading Week Soaring. In this article, we are going to take a look at where AST SpaceMobile, Inc. (NASDAQ:ASTS) stands against the other stocks.

Wall Street’s main indices kicked off the trading week soaring on Tuesday amid a series of catalysts from President Donald Trump’s inauguration event that fueled investor sentiment.

The Dow rose by 1.24 percent, the S&P 500 rose 0.88 percent, while the Nasdaq Composite increased 0.64 percent.

On Tuesday, 10 companies—mostly under the space exploration, energy, and quantum computing sectors—registered the highest gains. In this article, let’s take a look at their impressive performance.

To come up with Tuesday’s top gainers, 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 SpaceMobile, Inc. (NASDAQ:ASTS)

Shares of AST SpaceMobile (ASTS) rallied by 11.16 percent on Tuesday to close at $23.10 apiece as investor optimism was fueled by President Donald Trump’s plans to support a mission to send US astronauts to Mars.

While the company is not directly tied to space exploration, its technology and infrastructure could become an essential support to the broader space ecosystem.

At his inauguration on Monday, Trump said that the US “will pursue its manifest destiny into the stars, launching American astronauts to plant the Stars and Stripes on the planet Mars,” signaling a boost in investment support for the industry.

AST SpaceMobile (ASTS), a company dedicated to developing global satellite networks, stands to gain from a potential surge in investment and government backing for space initiatives. This support, coupled with technological synergies, could significantly advance efforts to send humans to Mars and further enhance the company’s capabilities in providing global connectivity.

Overall ASTS ranks 10th on our list of the firms that kicked off the trading week soaring. 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 as promising as ASTS but 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.