AST SpaceMobile (ASTS) Loses 9.4% on Profit-Taking

We recently published 10 Big Names Investors Are Dumping. AST SpaceMobile, Inc. (NASDAQ:ASTS) is one of the companies that heavily bled in Thursday’s trading.

AST SpaceMobile declined for a second day on Thursday, losing 9.38 percent to end at $49.39 apiece as investors appeared to have taken profits following the previous day’s surge that was buoyed by reports of a billion-dollar investment from a Mexican tycoon.

Additionally, AST SpaceMobile, Inc. (NASDAQ:ASTS) mimicked the decline on Wall Street, as investors sold off positions while waiting for the official US inflation data for August that would determine the future path of interest rates.

The US central bank had already said that it expects headline inflation to be in line with or below economists’ forecast of 2.8 percent for the year.

Meanwhile, AST SpaceMobile, Inc. (NASDAQ:ASTS) was said to have earned the backing of Mexican billionaire Carlos Slim, amid reports of as much as $22 billion investment in the company.

Slim, who owns America Movil, currently owns a significant stake in AST SpaceMobile, Inc. (NASDAQ:ASTS), while his daughter sits on the board of directors.

AST SpaceMobile, Inc. (NASDAQ:ASTS) has yet to confirm or deny the reports.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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