ASTS is trading at $70.22 (-5.38%) in pre-market as the stock extends a sharp selloff driven by sector-wide profit-taking and a broader risk-off sentiment.
- The decline follows a strong multi-day rally in space stocks, with investors locking in gains amid a lack of new stock-specific catalysts.
- Recent analyst downgrades and a 30-day sector reversal continue to weigh on the stock, while broader market indices also trend lower.