SpaceX (NASDAQ:SPCX – Get Free Report)’s stock price was down 3.3% during trading on Monday . The company traded as low as $119.68 and last traded at $119.85. Approximately 56,545,115 shares changed hands during trading, a decline of 51% from the average session volume of 115,762,250 shares. The stock had previously closed at $123.99.
More SpaceX News
Here are the key news stories impacting SpaceX this week:
- Positive Sentiment: SpaceX is exploring a massive 1-gigawatt data center project in Texas, which could strengthen its AI infrastructure story and create a new growth avenue. SpaceX (SPCX) Stock: Company Eyes Massive 1 Gigawatt AI Data Center in Texas
- Positive Sentiment: Analysts and high-profile bulls remain upbeat, with coverage pointing to SpaceX’s AI opportunity and calling the stock a buy-on-dip candidate ahead of earnings. Buy SpaceX Stock as its AI Opportunity Is Virtually for Free
- Positive Sentiment: The company may gain incremental revenue from space-satellite servicing work, showing SpaceX can monetize launches beyond Starlink and cargo missions. SpaceX Just Got a New Revenue Stream and It’s Fixing Satellites Already in Space
Analysts Set New Price Targets
Several equities analysts have issued reports on the stock. Stifel Nicolaus assumed coverage on shares of SpaceX in a report on Tuesday, July 7th. They issued a “buy” rating and a $190.00 price target on the stock. Citigroup initiated coverage on SpaceX in a research report on Tuesday, July 7th. They issued a “buy” rating and a $200.00 price objective for the company. Benchmark began coverage on SpaceX in a research report on Monday, June 22nd. They set a “buy” rating on the stock. Sanford C. Bernstein started coverage on SpaceX in a report on Tuesday, July 7th. They issued an “outperform” rating and a $239.00 price target for the company. Finally, TD Cowen started coverage on shares of SpaceX in a report on Monday, June 22nd. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $234.78.
SpaceX Stock Down 3.1%
SpaceX (NASDAQ:SPCX – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($1.27) earnings per share (EPS) for the quarter. The company had revenue of $4.69 billion during the quarter.
Institutional Investors Weigh In On SpaceX
A number of institutional investors and hedge funds have recently modified their holdings of SPCX. Atwood & Palmer Inc. acquired a new position in SpaceX in the 2nd quarter worth approximately $29,000. Marquette Asset Management LLC purchased a new stake in shares of SpaceX in the 2nd quarter valued at $32,000. Burkett Financial Services LLC acquired a new stake in shares of SpaceX in the second quarter worth $70,000. Contravisory Investment Management Inc. acquired a new stake in shares of SpaceX in the second quarter worth $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of SpaceX during the second quarter worth $89,000.
About SpaceX
SpaceX, or Space Exploration Technologies Corp., is an American aerospace company focused on the design, manufacture and launch of advanced rockets and spacecraft. The company develops launch vehicles and space systems used for commercial, government and scientific missions, with a strong emphasis on lowering the cost of access to space through reusable rocket technology.
Founded in 2002 by Elon Musk, SpaceX has built a broad portfolio of products and services that includes the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starship development program.
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