AST SpaceMobile Stock Is Rising Tuesday: What's Pushing Shares Higher?

AST SpaceMobile Inc ASTS shares popped in Tuesday's premarket session after the company announced it completed the first-ever space-based voice call using an everyday smartphone.

What To Know: AST SpaceMobile is building a space-based cellular broadband network accessible directly by standard mobile phones. On Tuesday, the company said it completed the first-ever call between unmodified smartphones using its BlueWalker 3 satellite.

The call was made on AT&T Inc T spectrum using a Samsung Electronics Co SSNLF Galaxy S22 smartphone.

"Achieving what many once considered impossible, we have reached the most significant milestone to date in our quest to deliver global cellular broadband from space," said Abel Avellan, chairman and CEO of AST SpaceMobile.

AST SpaceMobile shares traded up around the $5.40 level on the news before pulling back. The stock is heavily shorted with 21.63% of the float sold short, according to data from Benzinga Pro.

AST SpaceMobile's average session volume is around 1.79 million. Tuesday's trading volume had already exceeded 9 million at publication time. 

See Also: What's Going On With Intel Shares

ASTS Price Action: AST SpaceMobile has a 52-week high of $14.24 and a 52-week low of $3.55.

The stock was up 6.88% at $4.66 at time of publication, according to Benzinga Pro.

Photo: David Mark from Pixabay.