00:00ASD Spacemobile plunged 8.52% today.
00:04Downgrade was a possible factor.
00:07ASD Spacemobile is building a network of low-Earth orbit satellites
00:12designed to deliver cellular broadband directly to ordinary mobile phones.
00:17It seeks to earn revenue by providing satellite connectivity
00:21through partnerships with mobile network operators serving phone customers.
00:26Benzinga reported that analysts downgraded ASD Spacemobile, Inc.,
00:32Class A Commons stock and cut its price target to $54.
00:37Separately, Yahoo highlighted mounting losses, high operating costs and launch risks.
00:43Those concerns coincided with the decline,
00:46but neither report tied them directly to that session's move.
00:50The sell-off also ran against a rising communication services sector.
00:56More on Space Network Rivalry. Full recap linked.
