The run on AST SpaceMobile (ASTS) shares continues as shares shot another 18% higher during Monday’s trading session.
Shares of AST SpaceMobile jumped more than 45% last Thursday following the company’s announcement that confirmed an early September window for its first-ever commercial satellite launch.
AST SpaceMobile is developing a space-based cellular network, said after the bell on Thursday that its first five commercial satellites are on track to launch next month.
The company has been working on a strategic partnership with cellular communication giants like Verizon and AT&T. The upcoming launch is key in building the largest-ever communications arrays to be deployed commercially in low Earth orbit.
Shares took a short rest on Friday as the stock tipped into overbought territory, but the stock is back on the run today adding to last week’s gains. With the launch window open in early September, investors should expect to see additional upside volatility as investors try to squeeze into the stock ahead of those launches.
Options trades are adding large positions at the $30 strike level ahead of the launch.
Last week’s option volume on the ASTS September $30 calls accounted for the addition of more than 15,000 call contracts. The large call open interest at this strike suggests that options traders are settling in for a massive run towards $40.
Sticking with the rocket theme, shares of Rocket Labs USA (RKLB) shot 8% higher today on news that the company has successfully packed and shipped two Mars-bound spacecraft to Cape Canaveral, FL in preparation for launch.
This follows news earlier in the month that the company had successfully completed its latest launch with Capella Space as Rocket Labs.
This week’s announcement is just part of the large picture for the company that is set to challenge SpaceX’s dominance in the space travel industry.
Rocket Labs USA recently secured a substantial $515 million contract to build 18 satellites for a U.S. government agency, likely the Space Development Agency. Those rockets, set for delivery in 2027, will help enhance the military’s communications using low orbit satellite constellation.
Shares of RKLB crossed into an intermediate-term bull market trend in early June as the stock’s 50-day moving average began an ascending trend.
The stock’s recent upside volatility is likely to set shares up for some profit taking that should find support at $6.00.
Rocket Labs USA has also moved into a long-term bullish trend with the stock’s move above its 20-month moving average at $5.
Both the short- and long-term outlook for Rocket Labs remain bullish with a long-term price target of $20. Investors should expect to see some selling and price resistance as the stock approaches $10.
Shares of the fintech company SoFi (SOFI) added 6.75% to their value today the stock prepares to make a run at its July highs of $8.
Headlines were relatively light for Sofi except for last week’s news that George Soros’ hedge fund had made an initial purchase of the stock. The Soros Fund purchased 300,000 shares during the second quarter according to the firm’s 13F filing.
Sofi has been one of the companies in the heat of the student loan forgiveness headlines.
As of earlier this year, SoFi had issued more than $73 billion in loans including student debt and student loan refinancing.
Last week, the Biden Administration asked the Supreme Court to reinstate the President’s student loan relief plan. Those headlines went relatively quietly over SoFi shares as the stock was in the process of recovering from a “sell the news” response to the company’s earnings report.
Shares are now attempting to break through their 20-month moving average just above $7. A move above that long-term trendline would put the stock on a potential course to $10 as the banking stocks continue to benefit from the upcoming interest rate cuts.
