SpaceX (NASDAQ:SPCX) Shares Down 3.3% – Should You Sell?

by · The Markets Daily

SpaceX (NASDAQ:SPCX – Get Free Report)’s stock price traded down 3.3% on Wednesday . The company traded as low as $110.35 and last traded at $112.55. Approximately 53,063,942 shares were traded during mid-day trading, a decline of 50% from the average session volume of 105,885,297 shares. The stock had previously closed at $116.41.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

  • Positive Sentiment: Morgan Stanley reiterated its Overweight rating and $300 price target ahead of SpaceX’s first earnings report as a public company, implying substantial long-term upside if growth targets are met. Wall Street analyst issues new SpaceX stock price target
  • Positive Sentiment: Investors are looking for operational progress from Starship, including a reportedly successful heat-shield test, while a proposed FAA framework could accelerate commercial launch approvals and reduce regulatory delays. SpaceX, Blue Origin Could Get Faster Launch Approvals Under FAA’s Sweeping Proposal
  • Positive Sentiment: ARK Invest continued buying SpaceX-linked shares, signaling that Cathie Wood views the selloff as an opportunity to gain exposure to the company’s long-term innovation and AI-related ambitions. Cathie Wood Bets Big on Nvidia Stock
  • Neutral Sentiment: SpaceX is scheduled to report its first quarterly results as a public company on Aug. 4. Investors will focus on revenue growth, Starlink margins, capital spending, cash flow, and management’s outlook. SpaceX Reports Its First Quarterly Results as a Public Company
  • Negative Sentiment: Approximately 911 million shares are expected to become tradable when the insider lock-up expires on Aug. 6. The potential increase in supply is encouraging investors to delay purchases and could create additional selling pressure. Nearly 1 Billion SpaceX Shares Unlock On Aug. 6
  • Negative Sentiment: Reported short interest has reached roughly $26 billion, or about 35% of the float, reflecting bearish expectations and increasing volatility risk, although heavy short positioning could also amplify a future rebound. SpaceX Stock Now Has $26 Billion in Short Bets
  • Negative Sentiment: Analysts and financial commentators continue to question SpaceX’s valuation, citing its very high price-to-sales multiple, lack of profits, capital-intensive satellite operations, and uncertainty over whether future growth justifies the IPO-era premium.

Analyst Ratings Changes

SPCX has been the topic of a number of recent research reports. William Blair started coverage on shares of SpaceX in a research report on Tuesday, July 7th. They set an “outperform” rating on the stock. Citigroup assumed coverage on shares of SpaceX in a research note on Tuesday, July 7th. They issued a “buy” rating and a $200.00 price objective for the company. Wall Street Zen lowered shares of SpaceX from a “hold” rating to a “sell” rating in a report on Saturday. Sanford C. Bernstein reiterated an “outperform” rating on shares of SpaceX in a research report on Tuesday. Finally, Royal Bank Of Canada assumed coverage on shares of SpaceX in a research note on Tuesday, July 7th. They issued an “outperform” rating and a $225.00 price target for the company. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, SpaceX presently has an average rating of “Moderate Buy” and a consensus price target of $230.50.

Check Out Our Latest Report on SpaceX

SpaceX Stock Down 3.3%

SpaceX (NASDAQ:SPCX – Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.27) earnings per share for the quarter. The business had revenue of $4.69 billion during the quarter.

Institutional Investors Weigh In On SpaceX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Atwood & Palmer Inc. purchased a new stake in SpaceX during the 2nd quarter valued at $29,000. Marquette Asset Management LLC purchased a new position in shares of SpaceX in the second quarter valued at about $32,000. Burkett Financial Services LLC bought a new position in shares of SpaceX during the second quarter valued at about $70,000. Contravisory Investment Management Inc. bought a new position in shares of SpaceX during the second quarter valued at about $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of SpaceX during the second quarter worth about $89,000.

SpaceX Company Profile

(Get Free Report)

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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