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Jessica Mitacek

AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector

AST SpaceMobile SpaceX AST ASTS ETF SPCX

Space stocks are being battered this week, and AST SpaceMobile (NASDAQ: ASTS) is no exception. Shares of the Midland, Texas-based company have plummeted more than 18% since the market closed on Wednesday, July 15, and the principal culprit seems to be souring investor sentiment in that corner of the market.

With SpaceX (NASDAQ: SPCX) now trading below its IPO price, the Elon Musk-led firm’s poor performance has reverberated through the industry. Key rivals—including space-based direct-to-device (D2D) cellular broadband provider AST SpaceMobile, launch services provider Rocket Lab (NASDAQ: RKLB), and commercial lunar exploration services provider Intuitive Machines (NASDAQ: LUNR)—have posted losses ranging from 18% to 26% over the past five days.

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