128,494 Shares in SpaceX $SPCX Bought by Artemis Investment Management LLP

Key Points

• Artemis Investment Management acquired 128,494 SpaceX shares worth approximately $19.4 million in the third quarter, while several other institutional investors also initiated or increased positions.
• SpaceX is pursuing major Starlink expansion, including spectrum licenses, approval for up to 15,000 mobile satellites, and connectivity service for more than 1,000 American Airlines aircraft.
• Despite a “Moderate Buy” analyst consensus and strong revenue growth, risks include potential $40 billion in financing, a large share unlock, insider selling, and delays to Starlink’s India launch.

Artemis Investment Management LLP acquired a new position in shares of SpaceX (NASDAQ:SPCX - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 128,494 shares of the company's stock, valued at approximately $19,385,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SPCX. Aletheian Wealth Advisors LLC bought a new position in shares of SpaceX in the third quarter valued at about $359,000. Apeiron RIA LLC acquired a new position in SpaceX in the 3rd quarter valued at about $345,000. YHB Investment Advisors Inc. bought a new position in SpaceX in the 3rd quarter valued at about $715,000. Titleist Asset Management LLC acquired a new stake in SpaceX during the third quarter worth approximately $18,248,000. Finally, Apella Capital LLC boosted its holdings in shares of SpaceX by 218.2% during the third quarter. Apella Capital LLC now owns 8,424 shares of the company's stock worth $1,412,000 after acquiring an additional 5,777 shares during the period.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX agreed to acquire nationwide 800 MHz low-band spectrum licenses from Grain Management, giving Starlink a path to expand into indoor cellular coverage and compete more directly with AT&T, Verizon and T-Mobile. The deal remains subject to final FCC approval. SpaceX Acquires Nationwide Spectrum Licenses
• Positive Sentiment: The FCC approved SpaceX’s next-generation Starlink Mobile constellation of up to 15,000 satellites and waived a ground-carrier leasing requirement, strengthening the company’s direct-to-device strategy. FCC Approval for 15,000 Starlink Satellites
• Positive Sentiment: American Airlines plans to install Starlink internet on more than 1,000 aircraft, adding a substantial commercial customer and supporting recurring connectivity revenue. American Airlines to Add Starlink
• Neutral Sentiment: Elon Musk said he sees a path for SpaceX to reach a valuation in the “tens of trillions,” a bullish long-term forecast but one that offers no near-term financial guidance. Musk’s SpaceX Valuation Prediction
• Negative Sentiment: Reports that SpaceX may raise approximately $40 billion in loans and bonds to purchase Nvidia AI chips intensified concerns about leverage, capital allocation and the risk of spending heavily before AI-compute demand and returns are proven. Credit-default swap costs reportedly reached record levels. Apollo and Banks Discuss SpaceX Financing
• Negative Sentiment: Up to 328.4 million shares are scheduled to become eligible for sale on October 9, creating a potential increase in trading supply and selling pressure. SpaceX Share Unlock
• Negative Sentiment: Starlink’s India launch remains stalled amid a public dispute with local telecom interests and regulators, delaying access to a major potential market. Starlink India Launch Dispute

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Clear Str raised SpaceX to a "strong-buy" rating in a report on Tuesday, July 7th. Bank of America began coverage on shares of SpaceX in a research note on Tuesday, July 7th. They issued a "buy" rating and a $235.00 price objective for the company. DZ Bank started coverage on shares of SpaceX in a research report on Friday, August 21st. They set a "sell" rating and a $100.00 target price on the stock. KGI Securities downgraded shares of SpaceX from an "outperform" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, HSBC assumed coverage on SpaceX in a research report on Thursday, July 23rd. They set a "hold" rating and a $115.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $219.77.

Insider Transactions at SpaceX

In other news, COO Gwynne Shotwell sold 342,170 shares of the firm's stock in a transaction on 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 sale, the chief operating officer directly owned 2,472,035 shares of the company's stock, valued at $379,630,414.95. This trade represents a 12.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SpaceX Trading Down 4.2%

Shares of SPCX opened at $160.57 on Friday. The stock's 50-day moving average is $143.95. SpaceX has a 12 month low of $104.83 and a 12 month high of $225.64. The firm has a market cap of $2.12 trillion and a P/E ratio of -1,784.11. The company has a debt-to-equity ratio of 0.29, a current ratio of 5.12 and a quick ratio of 4.99.

SpaceX (NASDAQ:SPCX - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.17. The business had revenue of $7.81 billion for the quarter. The business's revenue for the quarter was up 91.9% on a year-over-year basis. Equities research analysts predict that SpaceX will post 0.09 EPS for the current fiscal year.

SpaceX Profile

Space Exploration Technologies Corp. (SpaceX) is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles, spacecraft and satellite systems designed to reduce the cost of access to space and support commercial, government and scientific missions.

SpaceX's primary products and services include the Falcon 9 and Falcon Heavy launch vehicles, the Dragon spacecraft and the Starlink satellite internet network. The company also is developing Starship, a fully reusable launch and spacecraft system intended for missions to Earth orbit, the Moon and Mars.

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