8 Unstoppable Tech Stocks to Buy Now

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

Year-to-date Share Price Gain as of September 10: 434.85%

Number of Hedge Fund Holders: 15

AST SpaceMobile, Inc. (NASDAQ:ASTS) is a technology company that is creating a unique network to provide internet service to smartphones directly from space. The company aims to build a constellation of 168 communication satellites costing around $3 billion. It has collaborations with major companies like AT&T, Verizon, and Alphabet to enhance their reach.

Recently, management announced the completion of the first five commercial satellites, which are set to launch in September. Moreover, around 17 more satellites are under production at AST SpaceMobile manufacturing facilities in Texas.

AST SpaceMobile, Inc. (NASDAQ:ASTS) requires more than $3 billion to fulfill its goal of 168 communication satellites. The company already has $285 million in cash reserves, however, until recently it received $71 million from a warrant redemption and expects another $84 million by the end of the redemption period. Management has indicated that the company is good to go for the year and this news has had a positive effect on investor sentiment.

Moreover, its strategic partnership with AT&T and Verizon is expected to add 850 MHz of premium spectrum with 100% geographical coverage and is expected to reach around 70% of US mobile users.

The stock has gained more than 434% on a year-to-date basis. ASTS was held by 15 hedge funds in Q2 2024, with total positions worth $67.38 million. Citadel Investment Group is the top shareholder of the company, with a position worth $17.9 million.