ASTS Down 33% From 52-Week High; Alphabet Among Backers of Satellite Venture
What happened
AST SpaceMobile, in which Alphabet (GOOG) holds a strategic investment position, has declined approximately 33% from its 52-week high. The decline has drawn attention to Alphabet's exposure to the direct-to-device satellite connectivity space. AST SpaceMobile has been building out its BlueBird satellite constellation, targeting mobile broadband coverage for standard smartphones. Alphabet's participation in prior AST funding rounds established the Google parent as a notable backer of the venture.
The QL Read
GOOG's QuantLogix composite sits at 72/100 with shares at $356.56, up 1.23% on the session. The next data point to watch is any updated disclosure of Alphabet's ASTS stake size in the upcoming quarterly filing.
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