AST SpaceMobile Inc (NASDAQ:ASTS) shares are rising Wednesday. Scotiabank speculated in a note to clients that Amazon’s Jeff Bezos could become an investor in the company, which appears to be pushing shares higher. Here’s what you need to know.

What To Know: Scotiabank analyst Andres Coello highlighted a recent Instagram post from AST SpaceMobile board member Adriana Cisneros showing her in a photo with Bezos and AST SpaceMobile CEO Abel Avellan.

The post stated that “Amazing things are happening at AST & Science + @blueorigin.” Coello noted that Avellan and Cisneros were wearing guest badges, while Bezos was not. The analyst also added that Blue Origin’s management team visited the AST SpaceMobile headquarters a few days before.

AST SpaceMobile is one of Blue Origin’s top customers after they teamed up in November last year for the launch of up to 45 BB2 satellites. The company’s agreement is featured on the Blue Origin website as one of the company’s top-three recent developments, which Coello believes suggests Blue Origin views AST SpaceMobile as a “leading player.”

“We doubt this was the sole reason why Mr. Bezos met with Avellan. There are major areas of opportunity where they could collaborate, particularly regarding Amazon's Project Kuiper, which intends to address the fixed broadband opportunity,” the Scotiabank analyst said.

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Coello also suggested that Bezos could become an investor in AST SpaceMobile given the company’s positioning in the specialized RF technology space. AST SpaceMobile has thousands of patents, which creates a “formidable barrier to entry” for newcomers, including Kuiper.

“While Amazon intends to invest US$13B to US$16B in the Kuiper constellation of 3,236 satellites, the current market capitalization of ASTS stands at only US$8.3B,” Costello said, suggesting a potential tie-up between the companies on a larger scale.

“In summary, we wouldn't be surprised if both groups are exploring a larger agreement that could involve New Glenn's support for BB2 launches and possible commercial/equity agreements between ASTS and Amazon in order to address the global satellite fixed-wireless opportunity.”

Scotiabank has a Sector Outperform rating on AST SpaceMobile with a 12-month price target of $45.40.

ASTS Price Action: AST SpaceMobile shares climbed more than 4% on Tuesday as the Instagram post surfaced across various social platforms. The stock was up another 8.77% at $27.42 at the time of publication Wednesday, according to Benzinga Pro.

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