AST SpaceMobile Stock Down 50% From Highs, Raises $1 Billion; Analyst Still Not Buying

AST SpaceMobile (NASDAQ: ASTS), a direct-to-device satellite internet company, has seen its stock fall nearly 60% from its 2026 highs of over $100 to around $55. The decline follows a $1 billion convertible bond offering to fund its satellite constellation buildout. The company has nine operational BlueBird satellites in orbit but faces significant cash burn (negative $1.37 billion free cash flow over 12 months), launch risks (a recent Blue Origin mission misplaced a satellite, and Blue Origin's launchpad exploded), and growing competition from SpaceX's Starlink direct-to-device service. The author, Brett Schafer of The Motley Fool, argues that despite the massive opportunity in satellite internet, the combination of high capital requirements, operational risks, and competition makes the stock unattractive at current levels.