What Is One of the Best Growth Stocks to Buy With $500 Today?
Key Points
AST SpaceMobile's stock fell after it posted first-quarter results below the Street's expectations.
But the company remains on track to more than double its annual revenue.
The FCC recently authorized the company's BlueBird satellite constellation for U.S. commercial service.
- 10 stocks we like better than AST SpaceMobile ›
The space economy is poised for enormous growth, and one of the best stocks to buy is AST SpaceMobile (NASDAQ: ASTS), which is building a cellular network from space.
The goal is to eliminate dead zones and deliver truly global cellular coverage. For investors looking to invest in the space economy, AST could be a great one to buy on the dip.
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The stock fell after the company reported first-quarter revenue of $14.7 million. It also posted a net loss of $191 million, or $0.66 per share. While revenue jumped from the year-ago quarter's $700,000, it was still well short of Wall Street's forecast.
But at this early stage, quarterly beats and misses are just short-term noise. AST SpaceMobile is still just beginning to build its space-based broadband network. The real signal that investors should pay attention to is that it has already secured nearly 60 mobile network partners, including AT&T and Verizon.
The Federal Communications Commission recently authorized AST's BlueBird satellite constellation for commercial service in the U.S., and the company plans to have about 45 satellites in orbit by the end of 2026. Management expects full-year revenue of $150 million to $200 million, up from $71 million in 2025.
AST is in the driver's seat of space-based mobile connectivity. It builds satellites in-house, giving it better control over costs, and it has designed its own custom chip that serves as the brain for its BlueBird satellites.
The stock's market cap of $22 billion doesn't look that expensive considering the opportunity ahead. Management estimates the long-term market for its services could exceed $1 trillion, based on market data from the GSM Association, a lobbyist for the mobile communications industry. For investors looking to put $500 into a promising growth stock, AST SpaceMobile looks especially compelling after the recent pullback.
Should you buy stock in AST SpaceMobile right now?
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John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.
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