Roth Capital Raised the Firm’s PT on AST SpaceMobile (ASTS), Kept a Buy Rating

AST SpaceMobile, Inc. (NASDAQ:ASTS) is one of the Best Performing Tech Stocks According to Hedge Funds. On July 7, Roth Capital raised the firm’s price target on AST SpaceMobile, Inc. (NASDAQ:ASTS) from $42 to $51, while maintaining a Buy rating on the stocks.

The analyst noted that the improving competitive landscape and positive news flow for the company has caused the stock to surge 89% since the firm initiated its coverage. Moreover, the firm also highlighted that the T-Mobile’s news that 1.8 million people registered for Starlink’s direct-to-device text service is a positive news for AST SpaceMobile, Inc. (NASDAQ:ASTS) as it indicates inferior and more expensive service from its competitors. The firm believes that the $10 pricing from the company’s competitor makes AST SpaceMobile, Inc.’s (NASDAQ:ASTS) more attractive and also validates its market opportunity for direct-to-device satellite services.

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

AST SpaceMobile, Inc. (NASDAQ:ASTS) is a technology company developing a global space-based cellular broadband network using low Earth orbit satellites.

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