We recently published an article titled These 10 Stocks Defied Tuesday’s Bloodbath. In this article, we are going to take a look at where AST SpaceMobile, Inc. (NASDAQ:ASTS) stands against the other stocks.
The stock market fell further into negative territory on Tuesday as trade tensions between the US and its largest trading partners continued.
The Dow Jones fell the most, losing 1.55 percent, while the S&P 500 declined 1.22 percent. The Nasdaq dropped by 0.35 percent.
Following the start of President Donald Trump’s blanket 25-percent tax on goods from Canada and Mexico on Tuesday, and a 10-percent tax on Chinese imports, both Canada and China moved to retaliate with higher taxes on US imports. Mexico is also expected to follow suit.
Despite uncertainties, 10 companies managed to stay stronger, posting impressive gains mostly on the back of better earnings performance. In this article, we have detailed the reasons behind their gains.
To come up with Tuesday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
A close up of a satellite in space, showing the advanced technology of communications systems.
AST SpaceMobile, Inc. (NASDAQ:ASTS)
AST SpaceMobile, Inc. (NASDAQ:ASTS) grew its share prices by 11.67 percent on Tuesday to end at $28.61 apiece as investor sentiment was boosted by recently bagged deals and beating analyst estimates for its latest earnings performance.
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. (NASDAQ:ASTS) 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.
Overall ASTS ranks 3rd on our list of Tuesday’s top gainers. 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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Disclosure: None. This article is originally published at Insider Monkey.