Avity Investment Management Inc. bought a new stake in SpaceX (NASDAQ:SPCX – Free Report) in the 3rd quarter, Holdings Channel.com reports. The fund bought 3,785 shares of the company’s stock, valued at approximately $571,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. SC US Ttgp LTD. acquired a new position in shares of SpaceX in the 2nd quarter valued at $20,933,621,000. Darsana Capital Partners LP bought a new position in SpaceX during the second quarter worth about $17,335,783,000. K5 Global Advisor LLC acquired a new position in SpaceX in the second quarter valued at about $6,587,531,000. State Street Corp bought a new stake in shares of SpaceX in the second quarter worth about $1,858,329,000. Finally, Dragoneer Investment Group LLC acquired a new stake in shares of SpaceX during the second quarter worth about $1,366,880,000.
Insider Buying and Selling
In other SpaceX news, COO Gwynne Shotwell sold 342,170 shares of the firm’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $153.57, for a total value of $52,547,046.90. Following the completion of the transaction, the chief operating officer directly owned 2,472,035 shares in the company, valued at $379,630,414.95. This trade represents a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
SpaceX Price Performance
SpaceX (NASDAQ:SPCX – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion during the quarter. SpaceX’s revenue was up 91.9% on a year-over-year basis. Equities analysts expect that SpaceX will post 0.09 EPS for the current fiscal year.
Key Stories Impacting SpaceX
Here are the key news stories impacting SpaceX this week:
- Positive Sentiment: The spectrum purchase—reported at roughly $8 billion by some outlets, although the exact price was not disclosed—could give Starlink Mobile stronger coverage indoors and in dense urban areas where satellites are less effective. The deal also positions SpaceX to compete more directly with AT&T, Verizon and T-Mobile. SpaceX’s low-band spectrum deal gives Starlink Mobile a terrestrial foothold
- Positive Sentiment: Analyst support added to the bullish reaction. Barclays initiated coverage with a Buy rating and a $254 target, while TD Cowen reaffirmed Buy with a $200 target; other analysts highlighted the hybrid satellite-and-terrestrial network strategy. Two Reasons SpaceX Stock Is Jumping Higher Today
- Positive Sentiment: The FCC’s approval of up to 15,000 next-generation Starlink satellites strengthens the company’s long-term direct-to-device opportunity. Investors are also valuing SpaceX’s reported AI-computing demand and potential Nvidia chip purchases as additional growth engines. SpaceX Gets Green Light for 15,000 Starlink Satellites
- Neutral Sentiment: The spectrum transaction remains subject to final FCC approval, and SpaceX still must invest heavily to build a terrestrial network, integrate services and attract wireless customers. The launch of Blue Origin as a future public-company competitor may also increase attention on the space sector. SpaceX Makes Big Play to Become a Wireless Carrier
- Negative Sentiment: Up to approximately $51 billion of insider shares became eligible for sale, creating a potential supply overhang and volatility risk after the recent rally. SpaceX Insider Shares Unlock
- Negative Sentiment: Reports that SpaceX may borrow $40 billion to purchase Nvidia chips continue to raise concerns about leverage, execution and the risk of spending aggressively on an unproven AI infrastructure business despite its substantial cash holdings. SpaceX in Talks to Raise $40 Billion in Loans
Wall Street Analyst Weigh In
A number of research firms recently issued reports on SPCX. Weiss Ratings began coverage on SpaceX in a research note on Tuesday, September 1st. They set a “sell (d)” rating for the company. Barclays initiated coverage on shares of SpaceX in a report on Thursday. They set an “overweight” rating and a $254.00 price objective on the stock. Arete Research set a $450.00 target price on shares of SpaceX in a research note on Tuesday, August 11th. Wolfe Research reiterated an “outperform” rating and set a $175.00 target price on shares of SpaceX in a report on Wednesday, August 26th. Finally, HSBC began coverage on SpaceX in a research note on Thursday, July 23rd. They issued a “hold” rating and a $115.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $219.77.
View Our Latest Research Report on SpaceX
SpaceX Profile
Space Exploration Technologies Corp. (SpaceX) is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles, spacecraft and satellite systems designed to reduce the cost of access to space and support commercial, government and scientific missions.
SpaceX’s primary products and services include the Falcon 9 and Falcon Heavy launch vehicles, the Dragon spacecraft and the Starlink satellite internet network. The company also is developing Starship, a fully reusable launch and spacecraft system intended for missions to Earth orbit, the Moon and Mars.
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