AST SpaceMobile Plunges 13%, Following Landmark SpaceX IPO

AST SpaceMobile (ASTS) shares fell 13% on Friday, June 12. The decline followed the initial public offering of SpaceX (SPCX) on the same day.

Investors liquidated positions in space-related firms to reallocate capital into the SpaceX debut. This sector-wide sell-off also impacted shares of EchoStar and Virgin Galactic.

AST SpaceMobile previously reported a wider-than-expected loss for the first quarter. Recent insider selling and analyst price target cuts contributed to the negative sentiment.