What's Going On With AST SpaceMobile Stock Wednesday?

AST SpaceMobile, Inc (NASDAQ:ASTS) stock was somewhat volatile on Wednesday for no specific reasons.

AST SpaceMobile tapped telecom industry veteran Johan Wibergh to its board, effective June 3. Wibergh has over 35 years of experience in telecommunications, including leadership positions at Vodafone and Ericsson.

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Wibergh will also serve as chairman of AST SpaceMobile’s newly formed Network Planning and Spectrum Committee of its board.

On May 29, Verizon Communications collaborated with AST SpaceMobile to provide Verizon customers with direct-to-cellular AST SpaceMobile service.

Also, in May, AST SpaceMobile inked a deal with AT&T to provide a broadband network directly to cell phones, challenging Elon Musk’s SpaceX, which struck a similar deal two years ago with T-Mobile US. In 2022, Apple forged a similar agreement with Globalstar global satellite service.

AST SpaceMobile stock gained 61% in the last 12 months. Investors can gain exposure to the stock via Procure Space ETF (NASDAQ:UFO) and SPDR S&P Telecom ETF (NYSE:XTL).

ASTS Price Action: AST SpaceMobile shares were down 1.15% at $8.57 at the last check Wednesday.

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Photo: AST SpaceMobile video screenshot