AST SpaceMobile Is Plummeting Today. Is It Time to Buy the Stock?

The stock of AST SpaceMobile (NASDAQ: ASTS) is seeing big sell-offs in Friday's trading following the company's recent third-quarter report. The space-based telecom's share price was down 13.8% as of 11:45 a.m. ET today. Meanwhile, the S&P 500 index was down 1.3%, and the Nasdaq Composite index was down 2.1%.AST published third-quarter results after the market closed Thursday, posting sales that came in slightly ahead of expectations and a much wider than expected loss. The business posted a loss of $1.10 per share on revenue of $1.1 million in the period. The average analyst estimate had called for a loss of $0.20 per share on revenue of $1 million. Besides the loss coming in bigger than expected, macroeconomic concerns are also weighing on the company's valuation today. Federal Reserve chairman Jerome Powell recently said that the U.S. central banking authority was "in no rush" to cut interest rates. As a result, the broader market is seeing a pullback -- and many growth-dependent and otherwise speculative stocks are seeing particularly pronounced retreats.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool