SpaceX (NASDAQ:SPCX – Get Free Report) shares fell 1.4% on Monday . The company traded as low as $108.66 and last traded at $113.50. Approximately 63,858,974 shares were traded during trading, a decline of 41% from the average daily volume of 108,357,578 shares. The stock had previously closed at $115.07.
Key SpaceX News
Here are the key news stories impacting SpaceX this week:
- Positive Sentiment: SpaceX’s 13th Starship test flight was described as largely successful, supporting the company’s launch and space-infrastructure growth outlook. The company also launched Northrop Grumman’s satellite-servicing mission, opening a potential new commercial market for on-orbit repairs. Starship Flight 13 Strengthens the Bull Case
- Positive Sentiment: ARK Invest reportedly purchased $21.3 million of SpaceX shares during the selloff, while Vanguard ETFs and other index funds are accumulating shares as the public float expands. These purchases may provide ongoing demand, although passive buying does not necessarily reflect a valuation judgment. Cathie Wood’s ARK Purchase
- Positive Sentiment: Starlink provided free satellite texting in wildfire-affected areas of Spain, highlighting the service’s resiliency and public-utility potential. SpaceX also joined an AI security initiative with Nvidia and other technology companies, though neither development is expected to materially affect near-term earnings.
- Neutral Sentiment: SpaceX is scheduled to report its first quarterly results as a public company on August 4. Investors will seek details on revenue growth, operating losses, cash burn, AI plans and financing needs. CME Group’s launch of nearly 24-hour single-stock futures linked to SPCX improves trading access but does not change the company’s fundamentals. CME Single-Stock Futures
- Negative Sentiment: The biggest pressure is the August 6 lock-up expiration, which could allow early investors to sell nearly one billion shares—potentially far exceeding the IPO supply. This overhang is weighing on the stock ahead of earnings.
- Negative Sentiment: HSBC initiated coverage with a Hold rating and a $115 price target, below SpaceX’s $135 IPO price, while warning about substantial cash-burn and financing requirements. Analysts also continue to view the company’s valuation as heavily dependent on future AI and Starlink growth. HSBC SpaceX Coverage
- Negative Sentiment: Amazon’s proposed 5,105-satellite mobile-phone network could intensify competition for Starlink, while speculation about a Tesla-SpaceX merger is providing little support because investors lack confirmed transaction terms. Amazon Satellite Network Competition
Wall Street Analyst Weigh In
A number of brokerages have commented on SPCX. KeyCorp started coverage on SpaceX in a report on Monday, June 22nd. They set a “sector weight” rating on the stock. Stifel Nicolaus started coverage on SpaceX in a research report on Tuesday, July 7th. They issued a “buy” rating and a $190.00 price objective on the stock. HSBC started coverage on SpaceX in a research note on Thursday. They set a “hold” rating and a $115.00 price objective on the stock. Seaport Research Partners raised shares of SpaceX to a “buy” rating in a research note on Monday, June 22nd. Finally, Needham & Company LLC upped their target price on shares of SpaceX from $200.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Four analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $230.50.
SpaceX Stock Performance
SpaceX (NASDAQ:SPCX – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.27) earnings per share (EPS) for the quarter. The firm had revenue of $4.69 billion during the quarter.
Institutional Trading of SpaceX
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atwood & Palmer Inc. acquired a new position in shares of SpaceX during the 2nd quarter valued at about $29,000. Marquette Asset Management LLC acquired a new stake in shares of SpaceX in the second quarter worth approximately $32,000. Burkett Financial Services LLC purchased a new stake in SpaceX in the second quarter valued at approximately $70,000. Contravisory Investment Management Inc. purchased a new stake in SpaceX in the second quarter valued at approximately $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in SpaceX during the second quarter worth approximately $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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