SpaceX (NASDAQ:SPCX – Get Free Report)’s stock price fell 6.7% during trading on Wednesday . The stock traded as low as $115.19 and last traded at $115.26. Approximately 90,717,020 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 113,396,305 shares. The stock had previously closed at $123.54.
Trending Headlines about SpaceX
Here are the key news stories impacting SpaceX this week:
- Positive Sentiment: Analysts and investors are highlighting SpaceX’s long-term growth engines, especially Starlink and a possible AI/data-center expansion in Texas, which could add a major new revenue stream if execution improves. Article Title
- Positive Sentiment: Cathie Wood/ARK continues to buy SpaceX, and several Vanguard ETFs and other institutional holders are adding exposure, signaling strong demand from major investors despite the selloff. Article Title
- Positive Sentiment: Alphabet’s disclosed $94 billion SpaceX stake is being read as a validation of the company’s scale and strategic importance, even though the holding is restricted from sale. Article Title
- Neutral Sentiment: Investors are waiting for SpaceX’s first earnings report on Aug. 4, which could be a major catalyst because it will provide the market’s first real look at public-company financials. Article Title
- Negative Sentiment: Near-term pressure is being driven by the Starship Flight 13 delay, with weather forcing another postponement and adding to concerns about execution after the IPO. Article Title
- Negative Sentiment: Bearish coverage continues to focus on SpaceX’s rich valuation, declining post-IPO price, and the risk of more selling as insider lock-ups begin to expire in August. Article Title
Analyst Ratings Changes
A number of research firms have recently commented on SPCX. Seaport Research Partners raised SpaceX to a “buy” rating in a research report on Monday, June 22nd. Cfra started coverage on SpaceX in a report on Friday, June 12th. They issued a “sell” rating and a $115.00 price target on the stock. KGI Securities cut shares of SpaceX from an “outperform” rating to a “hold” rating in a research note on Monday, June 22nd. Evercore initiated coverage on shares of SpaceX in a research report on Tuesday, July 14th. They set an “outperform” rating and a $230.00 price target on the stock. Finally, Morgan Stanley set a $225.00 price target on SpaceX in a research report on Thursday, July 16th. Four analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $230.50.
SpaceX Stock Up 2.6%
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 for the quarter.
Institutional Investors Weigh In On SpaceX
Several hedge funds have recently modified their holdings of SPCX. KERR FINANCIAL PLANNING Corp bought a new position in SpaceX in the 2nd quarter valued at approximately $566,000. Burkett Financial Services LLC acquired a new position in SpaceX in the 2nd quarter valued at approximately $70,000. Dogwood Wealth Management LLC bought a new position in shares of SpaceX during the second quarter valued at $139,000. Dynamic Advisor Solutions LLC bought a new stake in shares of SpaceX in the second quarter worth $3,383,000. Finally, Apella Capital LLC acquired a new stake in SpaceX in the second quarter valued at $452,000.
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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