Shares of AST SpaceMobile (ASTS) jumped nearly 12% on Wednesday, fueled by a fresh analyst initiation and a notable insider stock purchase.
Investment firm Berenberg initiated coverage of AST SpaceMobile with a “Buy” rating and a $92 price target, roughly 65% above Tuesday’s closing price.
Berenberg expressed confidence that AST SpaceMobile can build a profitable commercial satellite business by complementing rather than competing with terrestrial carriers like Verizon and AT&T.
The firm’s direct-to-device model was highlighted as a key strategic advantage, positioning the company as a partner to existing wireless giants rather than a disruptive rival.
Berenberg also initiated coverage on Rocket Lab, Planet Labs, and HawkEye 360, assigning all four companies a “Buy” rating as part of a broad entry into space sector coverage.
The initiations come after a turbulent stretch for space stocks, which fell an average of 53% between late May and the end of August following SpaceX’s headline-grabbing IPO.
Berenberg projects AST SpaceMobile revenue will reach approximately $650 million in 2027 before climbing sharply to $1.76 billion in 2028, with much of that tied to existing carrier agreements.
The firm also noted that falling launch costs are creating a broader industry tailwind, pointing out that the global space economy surpassed $500 billion in 2025 and could reach $1 trillion by 2030.
AST SpaceMobile boasts more than 60 mobile network operator partnerships covering an estimated 3 billion potential subscribers, with commercial scaling expected to begin meaningfully in 2027.
Adding further momentum to Wednesday’s rally, board member and early investor Adriana Cisneros purchased approximately 10,000 shares of ASTS stock, according to a regulatory filing.
Insider purchases from individuals with deep company knowledge are typically interpreted by the market as a strong signal of confidence in the company’s near-term outlook.
The broader market offered little assistance, with the S&P 500 rising just 0.2%, the Dow Jones gaining 0.5%, and the Nasdaq finishing nearly unchanged on the day.
ASTS’s outsized move was therefore driven almost entirely by company-specific catalysts, separating it sharply from the muted performance of the wider equity market on Wednesday.
