AST SpaceMobile (ASTS 17.89%) The stock has continued to rise since the release of its latest annual report and second-quarter results last week. The uptrend began after the company reiterated that plans for its most important satellite launch to date are on schedule.

On Friday, Bank of Nova Scotiaor Scotiabank, analyst Andres Coello raised his firm’s price target on the space communications company by a whopping 33% to $28 per share. Coello maintained the equivalent of a buy rating even though AST shares closed at $31 on Friday. The rise in AST shares continued today, with the stock up 15.6% at 12:55 p.m. ET.

Satellite launch lottery

But Coello’s price target hike isn’t the real reason for AST shares’ recent parabolic rise. It’s investor excitement about the impending launch of the company’s first commercial satellites. AST has added to that excitement by offering retail shareholders a seat at the launch of BlueBird’s five satellites next month.

The launch is a crucial step for the company, which plans to deploy the five satellites in low Earth orbit to improve space-based mobile broadband connectivity.

Scott Wisniewski, President of AST SpaceMobile, said, “As we move toward our planned launch, we want to involve as many shareholders as possible who have supported us along the way.”

AST counts several global communications companies among its backers and customers. A successful launch should accelerate subscriber growth via AST’s satellites, the Scotiabank analyst said. This could lead to an increase in average revenue per user (ARPU) and interest from other mobile operators.

AST’s BlueBird satellites have already moved to the launch facility in Cape Canaveral, Florida, and the launch window is set to begin on September 11. Investors are driving up stock prices as they get caught up in the excitement the company is generating, but that should also be a cautionary tale. It’s possible that the launch has become a “sell the news” event, with the stock gains already priced in.