10 Best Hot Stocks To Buy Right Now

2. AST SpaceMobile, Inc. (NASDAQ:ASTS)

Number of Hedge Fund Holders: 15

Year-to-Date Share Price Gains: 397%

Average Price Target Upside: 69.88%

AST SpaceMobile, Inc. (NASDAQ:ASTS) is a satellite design and manufacturing company based in Texas. It is developing the SpaceMobile satellite constellation to provide cellular broadband access through satellite, which allows unmodified smartphones to connect in areas with poor coverage.

The company went public in 2021 after a merger with AST & Science LLC. The company raised significant funds through partnerships with companies like Vodafone, Rakuten, and AT&T. Its BlueWalker 3 was launched in 2022, and became the largest commercial communications system in low Earth orbit. In 2023, the company made the first-ever phone call from space using regular smartphones without any changes.

AST (NASDAQ:ASTS) successfully launched its first five BlueBird commercial satellites on September 11, after more than seven years and $1 billion of investment. These satellites will provide cellular broadband services, and aim for nearly full coverage of the continental U.S. using a premium low-band spectrum. After activation, the company plans to roll out 5,600 sales across the country.

Analysts are quite bullish on the company as it has been covered by 5 and all of them maintain a Buy-equivalent rating on the stock. On August 16, Scotiabank analyst Andres Coello maintained an Outperform rating on the stock and raised his price target to $28 from $21.10.

As reported by The Fly, the analyst mentioned that if the Federal Communications Commission sticks to its equivalent power flux-density (EPFD) rules, AST SpaceMobile (NASDAQ:ASTS) might become the only licensed operator of its kind in the richest telecom market. This exclusivity could improve the company’s position in the market and attract more interest from investors.