AST SpaceMobile's stock hits new intraday high ahead of first commercial satellite launch

By James Rogers

The space-based broadband company will launch its first five commercial satellites next month

Shares of AST SpaceMobile Inc. are climbing 47.71% Thursday after the space-based broadband company said that its first five commercial satellites will be launched next month.

The stock is on pace for its largest percentage increase since May 29, 2024, when it rose 69.23%, Dow Jones Market Data show.

AST SpaceMobile's stock (ASTS), which is trading around $30.75, traded as high as $31.50, hitting a new all-time intraday high based on available data going back to Nov. 1, 2019.

Related: Space stocks set to climb, boosted by Virgin Galactic and Rocket Lab results

The satellites are on target for dedicated orbital launch in the first half of September, the company said in a business update Wednesday. The satellites are the largest-ever communications arrays to be deployed commercially in low-Earth orbit, according to AST SpaceMobile.

AST SpaceMobile said that the satellites are now at Cape Canaveral in preparation for launch-vehicle integration. A launch date has not yet been confirmed. Last month the company said that the U.S. Federal Communications Commission had granted an initial license for space-based operations in the U.S.

"We stand at a pivotal moment for AST SpaceMobile," Abel Avellan, the company's CEO and founder, said in the statement. "The arrival of our first five commercial satellites at the launch site marks the culmination of years of relentless innovation and perseverance, in partnership with industry leaders like AT&T (T), Google (GOOG) (GOOGL), Verizon (VZ), Vodafone (VOD), and Rakuten (RKUNY), among others."

Related: These space stocks deserve attention, analysts say

In May, AST SpaceMobile shares surged following the announcement of a deal with Verizon Communications Inc.

AST SpaceMobile's stock is up 407.8% in 2024, outpacing the S&P 500's SPX gain of 16.2%.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

08-15-24 1448ET

Copyright (c) 2024 Dow Jones & Company, Inc.