7,696 SpaceX $SPCX Shares Bought by Castle Rock Wealth Management LLC

Key Points

• Castle Rock Wealth Management increased its SpaceX position by 52.5% in the third quarter, purchasing 7,696 additional shares and bringing its total holdings to 22,357 shares valued at approximately $3.37 million.
• Institutional interest increased as several firms initiated or expanded positions, while SpaceX reported quarterly revenue of $7.81 billion, up 91.9% year over year, and exceeded analysts’ EPS expectations.
• SpaceX shares rose 1.2% to $162.57, with analysts maintaining a “Moderate Buy” consensus and an average price target of $219.77; however, COO Gwynne Shotwell’s $52.5 million stock sale presents a potential insider-selling concern.

Castle Rock Wealth Management LLC boosted its position in shares of SpaceX (NASDAQ:SPCX - Free Report) by 52.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,357 shares of the company's stock after buying an additional 7,696 shares during the quarter. Castle Rock Wealth Management LLC's holdings in SpaceX were worth $3,373,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Lincoln Capital LLC purchased a new position in shares of SpaceX during the 3rd quarter worth about $493,000. Bill Few Associates Inc. bought a new stake in SpaceX in the third quarter worth about $538,000. Cypress Financial Planning LLC bought a new position in shares of SpaceX during the third quarter valued at approximately $215,000. Draper Asset Management LLC boosted its holdings in SpaceX by 7.5% during the 3rd quarter. Draper Asset Management LLC now owns 32,795 shares of the company's stock valued at $4,947,000 after acquiring an additional 2,300 shares during the period. Finally, Avity Investment Management Inc. purchased a new stake in SpaceX in the third quarter worth $571,000.

SpaceX Stock Up 1.2%

NASDAQ:SPCX traded up $2.00 during mid-day trading on Friday, reaching $162.57. The company's stock had a trading volume of 92,626,626 shares, compared to its average volume of 102,444,141. The company has a debt-to-equity ratio of 0.29, a current ratio of 5.12 and a quick ratio of 4.99. The stock has a market capitalization of $2.14 trillion and a price-to-earnings ratio of -1,806.33. The business's fifty day simple moving average is $143.95. SpaceX has a 1 year low of $104.83 and a 1 year high of $225.64.

SpaceX (NASDAQ:SPCX - Get Free Report) last posted its quarterly 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 during the quarter. SpaceX's revenue for the quarter was up 91.9% on a year-over-year basis. On average, analysts expect that SpaceX will post 0.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Oppenheimer boosted their target price on shares of SpaceX from $250.00 to $280.00 and gave the company an "outperform" rating in a research note on Wednesday, September 2nd. Arete Research set a $450.00 price objective on shares of SpaceX in a report on Tuesday, August 11th. Zacks Research upgraded shares of SpaceX to a "hold" rating in a research note on Monday, June 15th. Cfra assumed coverage on shares of SpaceX in a research report on Friday, June 12th. They set a "sell" rating and a $115.00 target price on the stock. Finally, KGI Securities downgraded shares of SpaceX from an "outperform" rating to a "hold" rating in a research note on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, SpaceX has an average rating of "Moderate Buy" and a consensus price target of $219.77.

Insiders Place Their Bets

In other SpaceX news, COO Gwynne Shotwell sold 342,170 shares of the 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 sale, the chief operating officer owned 2,472,035 shares of the company's stock, valued at approximately $379,630,414.95. This trade represents a 12.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: The spectrum purchase—reported at roughly $8 billion by some outlets, although the exact price was not disclosed—could give Starlink Mobile stronger coverage indoors and in dense urban areas where satellites are less effective. The deal also positions SpaceX to compete more directly with AT&T, Verizon and T-Mobile. SpaceX's low-band spectrum deal gives Starlink Mobile a terrestrial foothold
• Positive Sentiment: Analyst support added to the bullish reaction. Barclays initiated coverage with a Buy rating and a $254 target, while TD Cowen reaffirmed Buy with a $200 target; other analysts highlighted the hybrid satellite-and-terrestrial network strategy. Two Reasons SpaceX Stock Is Jumping Higher Today
• Positive Sentiment: The FCC’s approval of up to 15,000 next-generation Starlink satellites strengthens the company’s long-term direct-to-device opportunity. Investors are also valuing SpaceX’s reported AI-computing demand and potential Nvidia chip purchases as additional growth engines. SpaceX Gets Green Light for 15,000 Starlink Satellites
• Neutral Sentiment: The spectrum transaction remains subject to final FCC approval, and SpaceX still must invest heavily to build a terrestrial network, integrate services and attract wireless customers. The launch of Blue Origin as a future public-company competitor may also increase attention on the space sector. SpaceX Makes Big Play to Become a Wireless Carrier
• Negative Sentiment: Up to approximately $51 billion of insider shares became eligible for sale, creating a potential supply overhang and volatility risk after the recent rally. SpaceX Insider Shares Unlock
• Negative Sentiment: Reports that SpaceX may borrow $40 billion to purchase Nvidia chips continue to raise concerns about leverage, execution and the risk of spending aggressively on an unproven AI infrastructure business despite its substantial cash holdings. SpaceX in Talks to Raise $40 Billion in Loans

SpaceX Company 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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