ASTS, RKLB Stocks Sink To Multi-Month Lows While SPCX Holds Steady – Piper Sandler Says Elon Musk's Company Is Yet To Prove Itself

AST SpaceMobile (ASTS) and Rocket Lab (RKLB) shares plummeted over 15% and 10% respectively on July 16, 2026, ahead of SpaceX's Starship test flight, even as Piper Sandler initiated coverage of all three space stocks. Piper Sandler named ASTS its preferred pick with an 'Overweight' rating and $100 price target, citing a more palatable valuation and partnerships with major mobile network operators, while assigning RKLB a 'Neutral' rating with an $83 target.

Why it matters: ASTS' decline was compounded by the pricing of a $1 billion convertible senior notes offering with a $79.57 conversion price, and JPMorgan noted the upcoming Starship test outcome could influence sentiment toward SpaceX and its related public equities.