SpaceX (NASDAQ:SPCX – Get Free Report) shares were down 3.8% during mid-day trading on Wednesday. The company traded as low as $133.14 and last traded at $135.92. Approximately 134,424,851 shares traded hands during trading, an increase of 31% from the average session volume of 102,916,867 shares. The stock had previously closed at $141.31.
Key SpaceX News
Here are the key news stories impacting SpaceX this week:
- Positive Sentiment: Musk said SpaceX could exceed $500 billion in annual recurring revenue by December 2027, a forecast well above Wall Street expectations. He also pointed to U.S. government contracts as a growing revenue source, helping lift growth sentiment. Article: Musk Says SpaceX Will Hit a Revenue Number That Not One of Its 37 Analysts Believes
- Positive Sentiment: SpaceX’s partnership with Qualcomm to support Starlink Mobile’s planned 5G network offers a potential new telecom growth avenue, with deployment expected to begin in 2027. Article: Can SPCX’s Tie-Up With Qualcomm Strengthen Its Position in the 5G Market?
- Neutral Sentiment: Director Donald Harrison resigned from SpaceX’s board effective November 4. The announcement did not provide a reason, so the immediate business impact is unclear. Article: SpaceX Director Donald Harrison Resigns from Board
- Negative Sentiment: Democratic gains in Congress and Texas raised concerns about scrutiny, permitting and data-center expansion—important to SpaceX’s AI ambitions—and helped drive the recent selloff. Friday’s rebound recouped some of those losses, but the policy uncertainty remains. Article: Why SpaceX Stock Is Up Today
- Negative Sentiment: SpaceX’s wireless ambitions may require substantial spending and face tough competition. Deutsche Telekom’s CEO said building a rival mobile network would require a costly terrestrial footprint, highlighting execution and financing risks alongside the growth opportunity. Article: Deutsche Telekom CEO Says SpaceX Has a Massive Mountain to Climb to Compete in Mobile
Analyst Ratings Changes
Several analysts have weighed in on the company. TD Cowen upped their target price on SpaceX from $200.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Phillip Securities raised shares of SpaceX from a “strong sell” rating to a “strong-buy” rating in a research note on Friday, October 23rd. CLSA started coverage on shares of SpaceX in a research note on Monday, September 28th. They set an “outperform” rating and a $250.00 price target on the stock. William Blair reiterated an “outperform” rating on shares of SpaceX in a research note on Friday, October 9th. Finally, Mizuho set a $205.00 price target on SpaceX in a research note on Wednesday, October 21st. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $243.60.
Check Out Our Latest Research Report on SPCX
SpaceX Price Performance
The stock has a market capitalization of $1.82 trillion and a P/E ratio of 516.42. The company has a 50-day simple moving average of $149.18. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.08 and a quick ratio of 3.00.
SpaceX (NASDAQ:SPCX – Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.25. SpaceX had a negative net margin of 8.61% and a negative return on equity of 3.24%. The company had revenue of $14.57 billion during the quarter. During the same period last year, the business earned ($0.36) EPS. The business’s revenue was up 161.4% on a year-over-year basis. Research analysts expect that SpaceX will post 0.19 earnings per share for the current fiscal year.
Insider Activity at SpaceX
In other news, COO Gwynne Shotwell sold 342,170 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $153.57, for a total transaction of $52,547,046.90. Following the completion of the transaction, the chief operating officer owned 2,472,035 shares of the company’s stock, valued at approximately $379,630,414.95. The trade was a 12.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Institutional Trading of SpaceX
Hedge funds and other institutional investors have recently modified their holdings of the company. Moors & Cabot Inc. raised its position in shares of SpaceX by 49.7% during the 3rd quarter. Moors & Cabot Inc. now owns 28,432 shares of the company’s stock valued at $4,289,000 after buying an additional 9,439 shares during the period. Valmark Advisers Inc. grew its holdings in shares of SpaceX by 53.8% during the 3rd quarter. Valmark Advisers Inc. now owns 5,060 shares of the company’s stock worth $763,000 after purchasing an additional 1,770 shares during the period. William Blair Investment Management LLC lifted its position in SpaceX by 62.1% in the third quarter. William Blair Investment Management LLC now owns 566,406 shares of the company’s stock valued at $85,448,000 after buying an additional 216,929 shares during the last quarter. ICICI Prudential Asset Management Co Ltd acquired a new stake in shares of SpaceX during the third quarter valued at about $10,561,000. Finally, First Trust Capital Management L.P. acquired a new position in shares of SpaceX in the 3rd quarter worth approximately $533,132,000.
SpaceX Company Profile
Space Exploration Technologies Corp., commonly known as SpaceX, is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles and spacecraft designed to reduce the cost of access to space and support commercial, government and scientific missions.
SpaceX’s principal products and services include the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starlink satellite communications network. Falcon rockets are used to launch satellites, cargo and crew, while Dragon spacecraft support transportation to and from low Earth orbit.
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