Shares of SpaceX (NASDAQ:SPCX – Get Free Report) dropped 2.2% on Tuesday . The stock traded as low as $135.52 and last traded at $136.08. Approximately 45,910,199 shares traded hands during trading, a decline of 64% from the average session volume of 125,833,156 shares. The stock had previously closed at $139.14.
SpaceX News Roundup
Here are the key news stories impacting SpaceX this week:
- Positive Sentiment: Several bullish analysts and investors still see major upside, with firms like Morgan Stanley and Evercore reiterating constructive views and price targets well above the current trading range. Article Title
- Positive Sentiment: Cathie Wood’s ARK funds bought SpaceX shares, adding fresh institutional support even as the stock weakened. Article Title
- Positive Sentiment: Investors are watching Thursday’s Starship Flight 13 test, which could act as a catalyst if the launch goes well and reinforce the long-term growth story around rockets, Starlink, and AI-related infrastructure. Article Title
- Neutral Sentiment: Broad coverage pieces continue to highlight SpaceX’s huge long-term addressable market, but these articles are mostly speculative and not immediate stock catalysts. Article Title
- Negative Sentiment: SpaceX’s stock has fallen below its IPO price, with reports saying the shares briefly traded under $135 and closed near that level, which is eroding confidence among recent buyers. Article Title
- Negative Sentiment: Bearish commentary is adding to the pressure, including concerns that SpaceX is overvalued, may have 80% downside, and is attracting aggressive short selling after its rapid rally reversed. Article Title
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. UBS Group started coverage on SpaceX in a research report on Tuesday, July 7th. They issued a “buy” rating and a $210.00 target price on the stock. Clear Str upgraded shares of SpaceX to a “strong-buy” rating in a research note on Tuesday, July 7th. Evercore began coverage on shares of SpaceX in a report on Tuesday. They set an “outperform” rating and a $230.00 price target on the stock. Royal Bank Of Canada assumed coverage on shares of SpaceX in a research report on Tuesday, July 7th. They set an “outperform” rating and a $225.00 price objective for the company. Finally, Zacks Research upgraded shares of SpaceX to a “hold” rating in a research report on Monday, June 15th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $234.78.
SpaceX Stock Performance
SpaceX (NASDAQ:SPCX – Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.27) earnings per share for the quarter. The firm had revenue of $4.69 billion during the quarter.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of SPCX. Hyperion Asset Management Ltd acquired a new position in shares of SpaceX in the second quarter worth approximately $201,137,000. Tema ETFs LLC acquired a new position in SpaceX in the second quarter valued at $32,037,000. Teamwork Financial Advisors LLC bought a new stake in SpaceX during the second quarter valued at $8,027,000. Heck Capital Advisors LLC acquired a new stake in SpaceX during the 2nd quarter worth about $3,768,000. Finally, Dynamic Advisor Solutions LLC bought a new position in shares of SpaceX in the 2nd quarter worth about $3,383,000.
SpaceX Company Profile
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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