China Renaissance Begins Coverage on SpaceX (NASDAQ:SPCX)

Key Points

• China Renaissance initiated coverage of SpaceX with a Buy rating and a $194.20 price target, implying 42.88% upside from the then-current share price.
• Analyst sentiment is broadly positive: MarketBeat reported a Moderate Buy consensus and an average price target of $243.60, with 35 analysts rating the stock Buy or Strong Buy.
• SpaceX reported quarterly EPS of $0.35, beating the $0.10 consensus, while revenue rose 161.4% year over year to $14.57 billion. Shares were down 3.8% and opened at $135.92 on Thursday.

Investment analysts at China Renaissance started coverage on shares of SpaceX (NASDAQ:SPCX - Get Free Report) in a research note issued to investors on Thursday, Benzinga reports. The brokerage set a "buy" rating and a $194.20 price target on the stock. China Renaissance's price objective suggests a potential upside of 42.88% from the stock's current price.

SPCX has been the subject of a number of other reports. Pivotal Research lifted their target price on SpaceX from $230.00 to $260.00 and gave the company a "buy" rating in a research note on Wednesday, October 21st. Citigroup increased their price target on SpaceX from $200.00 to $240.00 and gave the stock a "buy" rating in a research report on Wednesday, October 21st. UBS Group reissued an "overweight" rating and issued a $300.00 price target on shares of SpaceX in a report on Wednesday, October 21st. Wolfe Research restated an "outperform" rating and set a $175.00 price objective on shares of SpaceX in a research report on Wednesday, August 26th. Finally, CLSA assumed coverage on SpaceX in a research note on Monday, September 28th. They set an "outperform" rating and a $250.00 price objective for the company. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $243.60.

SpaceX Stock Down 3.8%

Shares of NASDAQ SPCX opened at $135.92 on Thursday. The company's 50 day moving average price is $149.64. SpaceX has a 52-week low of $104.83 and a 52-week high of $225.64. The firm has a market capitalization of $1.85 trillion and a PE ratio of 522.77. 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 released its earnings results on Tuesday, October 20th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.25. SpaceX had a negative return on equity of 3.24% and a negative net margin of 8.61%. The company had revenue of $14.57 billion for the quarter. During the same period in the prior year, the business earned ($0.36) EPS. The company's quarterly revenue was up 161.4% on a year-over-year basis. On average, analysts anticipate that SpaceX will post 0.19 EPS for the current year.

Insiders Place Their Bets

In other SpaceX news, COO Gwynne Shotwell sold 342,170 shares of SpaceX stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $153.57, for a total value of $52,547,046.90. Following the transaction, the chief operating officer owned 2,472,035 shares in the company, valued at approximately $379,630,414.95. The trade was a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Institutional Investors Weigh In On SpaceX

Several hedge funds have recently modified their holdings of the stock. 626 Financial LLC purchased a new stake in shares of SpaceX in the 3rd quarter valued at approximately $649,000. Keybank National Association OH grew its holdings in SpaceX by 114.2% during the 3rd quarter. Keybank National Association OH now owns 28,319 shares of the company's stock worth $4,272,000 after acquiring an additional 15,101 shares in the last quarter. Elevated Capital Advisors LLC grew its stake in shares of SpaceX by 167.3% during the third quarter. Elevated Capital Advisors LLC now owns 1,414 shares of the company's stock worth $213,000 after purchasing an additional 885 shares in the last quarter. Cornerstone Wealth Management LLC increased its holdings in shares of SpaceX by 75.1% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 21,540 shares of the company's stock valued at $3,250,000 after acquiring an additional 9,238 shares during the last quarter. Finally, Csenge Advisory Group raised its position in shares of SpaceX by 817.3% during the 3rd quarter. Csenge Advisory Group now owns 39,546 shares of the company's stock worth $5,966,000 after acquiring an additional 35,235 shares in the last quarter.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX selected Qualcomm to provide 5G base-station technology and software for its planned Starlink Mobile network. The partnership could help SpaceX compete in U.S. wireless, though large-scale deployment is planned for 2027 and will require substantial investment. SpaceX signs deal with Qualcomm to provide network technology for U.S. mobile service
• Negative Sentiment: Democratic midterm wins have raised investor concerns about tighter oversight of AI and data-center projects, including potential obstacles to SpaceX’s infrastructure expansion and a possible Tesla merger. Why SpaceX Stock Is Down Today
• Negative Sentiment: AI growth carries significant execution and cost risks: SpaceX must secure enough electricity and equipment for its computing buildout, while a reported 34.5% of last quarter’s revenue came from one customer. That concentration could make sales vulnerable if the customer reduces business. SpaceX's Power Bill Is Getting Bigger 34.5% of SpaceX's Revenue Could Disappear by Mid-2027
• Negative Sentiment: Shares have been in a recent downtrend and fell below the reported IPO price, a negative technical milestone that may reinforce investor caution. SpaceX stock just plunged below SPCX IPO price; Here's why

About SpaceX

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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