AmpliTech Group (NASDAQ:AMPG) Stock Resumes Another Round Of Buying Activities
Shares of AmpliTech Group (NASDAQ:AMPG) gained momentum on Friday, extended its monthly gains to 36%.
Market Stats
On Friday, AMPG stock surged 11.94% at $4.50 with more than 4.68 million shares, compared to its average volume of 426K shares. The stock has moved within a range of $3.9350 – 5.2199 after opening trading at $4.02.
AmpliTech to Expand Manufacturing Capacity and Enhance Operating Efficiency by Relocating to New 20K Square-Foot Headquarters Facility on Long Island
AmpliTech Group (NASDAQ:AMPG), which designs, develops, and manufacturers cutting-edge signal-processing components for satellite and 5G communications networks, defense, space, and other commercial applications, has announced that it would be relocating its current manufacturing locations and headquarters. The new and expanded facility sprawls over 20,000 square-feet on Long Island. As of now, the facility located at 155 Plant Avenue, Hauppauge, NY is being leased by the company for a 7-year term.
Amplitech’s design, engineering and sales and marketing teams will now operate under one roof. The new facility essentially builds on the company’s current 13,100 square foot footprint. This move facilitates better collaboration and operational efficiency along with major room for growth.
There is an enhanced 10K clean room in the new facility, to support production of the company’s space-grade products. They expect to be completely operational by the first quarter of 2022.
Fawad Maqbool, CEO, states that it has always been their objective to combine the two Long Island locations into a new and enhanced, purpose-driven facility built as per requirements. The Hauppauge facility combines existing R&D, engineering, and manufacturing operations for the Company’s industry-leading low-noise radio signal amplifier (LNAs) product line, along with AmpliTech’s management and administration that is presently based in Bohemia, NY. Specialty Microwave division in Ronkonkoma, NY-based team and Satcom product manufacturing and assembly operations, are to be integrated too.
Key Quote
Fawad Maqbool, CEO, commented, “It has been our goal to consolidate our two Long Island locations into a new and enhanced, purpose-driven facility built around our needs. There, we expect to benefit from an enhanced customer experience, greater collaboration across our business units and improved economies of scale, while also providing an expanded footprint for both internal and external growth. The near-term completion of this effort represents another important step in our vision to expand AmpliTech’s growth potential and capabilities.”
Traders Corner
AMPG stock is trading above the 20-Day and 50-Day Moving averages of $4.15 and $3.79 respectively. However, the stock is trading below the 200-Day moving average of $5.60. The stock is up 31% in the past month.
