AST SpaceMobile (ASTS) Stock Sinks 6% After Securities Lawsuit Filed

TLDR ASTS stock dropped 6% to $56.93 on Thursday, trading well above its average daily volume. A new securities class action lawsuit accuses the company of understating its cash needs and liquidity risks. Wall Street rates the stock a Hold with an average price target of $84.58, down from recent highs. The company missed both revenue and EPS estimates last quarter and continues to post heavy losses. Despite the drop, ASTS has logged wins this week, including a successful satellite-to-smartphone test in Canada. AST SpaceMobile stock fell 6% on Thursday, closing out the session at $56.93.

Source: CoinCentral