ATEX, NN, GOGO Stocks Gain: SpaceX’s $8B Spectrum Deal Could Boost Low-Band Spectrum Value, Says Roth Capital

• Roth estimates that applying SpaceX’s reported price per MHZ would value Gogo’s spectrum holdings at about $2.3 billion.
• The firm sees potential benefits for Aviat Networks and Ceragon Networks, which provide wireless networking and communications equipment.
• Roth believes the SpaceX deal could potentially strengthen AST SpaceMobile’s relationships with major U.S. telecom operators.

Anterix (ATEX), NextNav (NN) and Gogo (GOGO) could benefit from rising demand for wireless spectrum following SpaceX’s (SPCX) reported $8 billion acquisition of Grain Management’s low-band frequencies, according to Roth Capital.

The firm believes the acquisition could increase the value of low-band spectrum controlled by the three companies. Roth estimates that applying SpaceX’s reported price per megahertz would value Gogo’s spectrum holdings alone at about $2.3 billion, compared with its roughly $1 billion enterprise value.

Anterix holds nationwide spectrum licenses in the 900 MHz band, primarily used for wireless networks for utilities, while NextNav controls lower 900 MHz spectrum used for positioning, navigation and timing services.

At the time of writing, ATEX shares were up over 10%, NN stock gained 6%, and GOGO edged up 2.7%.

AVNW, CRNT Could Benefit Says Roth

Roth also sees potential benefits for Aviat Networks (AVNW) and Ceragon Networks (CRNT), which provide wireless networking and communications equipment. Both companies could see increased demand as SpaceX builds out its ground-based mobile network and traditional telecom operators invest in infrastructure to compete with Starlink.

AVNW and CRNT shares were up around 1.6% each.

Roth Believes SPCX Deal Could Push ASTS Closer To Telecom Operators

The firm said the deal could also reshape competition in satellite communications, potentially strengthening AST SpaceMobile’s (ASTS) relationships with major U.S. telecom operators.

It expects AST SpaceMobile to emerge as a preferred independent satellite-to-phone connectivity partner for these carriers.

Berenberg echoed the bullish thesis, adding that AST SpaceMobile is the only satellite-to-phone company that can provide broadband connectivity to existing mobile devices while working directly with telecom operators.

However, ASTS was down nearly 15%, its sharpest single-day losses since mid-July.

T, VZ, TMUS Stocks Decline

On Thursday, SpaceX announced plans to acquire up to 14 MHz of paired spectrum in the 800 MHz band from Grain Management. These low-frequency airwaves can travel long distances and penetrate buildings.

The deal, which remains subject to regulatory approval, is expected to increase competition for AT&T (T), Verizon (VZ), and T-Mobile (TMUS), whose stocks fell 9% to 13%.

Retail’s Take On ATEX, NN, GOGO

Retail sentiment surrounding NN was ‘extremely bullish’ on Stocktwits, while sentiment for ATEX and GOGO trended in the ‘bullish’ territory.

ATEX shares have surged 278%, significantly outperforming NN and GOGO, whose shares are down about 25% and 51%, respectively.

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