What happened?According to data from S&P Global Market Intelligence (NASDAQ:ASTS), satellite communications startup AST SpaceMobile (NASDAQ;ASTS) soared 79.2% in June. This was propelled higher by both a Wall Street analyst as well as the Reddit community WallStreetBets.What are you waiting for?Since AST SpaceMobile joined the public markets in April through a merger with a special-purpose acquisition company (or SPAC), it has been a popular stock. Although the company claims it has a highly proprietary technology that will transform all world's cellphones into satellite phone, it is still in the early stages of executing its plan.Two massive spikes were the main reason that stock moved higher in June. The stock's first spike is attributed to a positive mention on WallStretBets. A poster called the company "the SpaceX mobile phones company" and suggested that the stock could reach $200 per share if AST SpaceMobile goes through script.Some people speculated that the stock could be added to an index. This would increase demand and allow funds that track the index add the stock to their portfolios.Brian Kraft, Deutsche Bank's chief financial officer, was responsible for the second spike. He initiated coverage with a buy rating as well as a target price of $35. Kraft stated that the target was the average value of four scenarios. He also noted that depending on the outcome, the stock could be significantly higher or lower than that.What now?AST SpaceMobile shares lost more than 40% in the first few months after the SPAC merger. This was before June's rally. The market currently values the company at $2.4 billion. It is a promising idea.Kraft points out that there is both a lot and a lot risk in this company. We don't know how it all will turn out. While it's okay to be excited about the possibilities, it is equally important to be mindful of the risks. Investors who purchase this stock should be ready for continued turmoil and keep it to a small portion of a portfolio.
