Pinegrove Venture Partners LLC Buys 2,208,845 Shares of SpaceX $SPCX

Key Points

• Pinegrove Venture Partners initiated a SpaceX position of 2,208,845 shares, valued at about $333.2 million and representing 98.1% of the firm’s reported holdings.
• COO Gwynne Shotwell sold 342,170 shares for approximately $52.5 million under a pre-arranged trading plan, reducing her stake by 12.16%.
• SpaceX reported quarterly EPS of $0.35, beating the $0.10 consensus, while revenue rose 161.4% year over year to $14.57 billion. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $243.60.

Pinegrove Venture Partners LLC bought a new stake in SpaceX (NASDAQ:SPCX - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,208,845 shares of the company's stock, valued at approximately $333,226,000. SpaceX accounts for about 98.1% of Pinegrove Venture Partners LLC's holdings, making the stock its largest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. James T. Borello RIA lifted its stake in shares of SpaceX by 41.4% during the third quarter. James T. Borello RIA now owns 246 shares of the company's stock valued at $37,000 after acquiring an additional 72 shares during the period. Oakworth Capital Inc. increased its position in SpaceX by 17.8% in the third quarter. Oakworth Capital Inc. now owns 483 shares of the company's stock worth $73,000 after purchasing an additional 73 shares during the period. Fonville Wealth Management LLC raised its holdings in SpaceX by 3.8% during the 3rd quarter. Fonville Wealth Management LLC now owns 2,719 shares of the company's stock worth $410,000 after purchasing an additional 99 shares during the last quarter. Downshift Financial LLC raised its holdings in SpaceX by 25.7% during the 3rd quarter. Downshift Financial LLC now owns 553 shares of the company's stock worth $83,000 after purchasing an additional 113 shares during the last quarter. Finally, Balance Wealth Partners LLC lifted its position in SpaceX by 5.7% during the 3rd quarter. Balance Wealth Partners LLC now owns 2,261 shares of the company's stock valued at $341,000 after purchasing an additional 121 shares during the period.

Insider Buying and Selling at SpaceX

In related news, COO Gwynne Shotwell sold 342,170 shares of the 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 sale, the chief operating officer directly owned 2,472,035 shares in the company, valued at $379,630,414.95. This trade represents a 12.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SpaceX Trading Up 0.1%

NASDAQ:SPCX opened at $139.94 on Friday. SpaceX has a 1-year low of $104.83 and a 1-year high of $225.64. The firm has a 50-day moving average of $149.12. The company has a quick ratio of 3.00, a current ratio of 3.08 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $1.90 trillion and a price-to-earnings ratio of 538.23.

SpaceX (NASDAQ:SPCX - Get Free Report) last issued its earnings results on Tuesday, October 20th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.25. The firm had revenue of $14.57 billion for the quarter. SpaceX had a negative return on equity of 3.24% and a negative net margin of 8.61%. SpaceX's quarterly revenue was up 161.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.36) EPS. Sell-side analysts predict that SpaceX will post 0.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. William Blair reaffirmed an "outperform" rating on shares of SpaceX in a research note on Friday, October 9th. Guggenheim initiated coverage on shares of SpaceX in a research report on Friday, August 7th. They set a "buy" rating for the company. Susquehanna increased their price objective on shares of SpaceX from $173.00 to $176.00 and gave the company a "neutral" rating in a report on Wednesday, October 21st. Pivotal Research raised their price objective on shares of SpaceX from $230.00 to $260.00 and gave the company a "buy" rating in a research note on Wednesday, October 21st. Finally, Moffett Nathanson lifted their target price on shares of SpaceX from $131.00 to $142.00 and gave the stock a "neutral" rating in a report on Monday, September 14th. Four equities 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 issued a Sell rating to the company. According to MarketBeat.com, SpaceX currently has a consensus rating of "Moderate Buy" and an average price target of $243.60.

SpaceX News Summary

These are some of the SPCX news items that stood out recently:

• Positive Sentiment: SpaceX plans to invest more than $74 billion in supercomputing campuses in Texas and Arizona—about $24 billion in Texas and $50 billion in Arizona. The projects could expand its AI infrastructure capacity and support a major growth area. Reuters article
• Positive Sentiment: Investors are also responding to speculation that former Nvidia CEO Jensen Huang could join SpaceX after Elon Musk said hiring him “would be an honor.” A move could bolster the company’s AI ambitions, but no hiring decision has been announced. Benzinga article
• Neutral Sentiment: A planned Starship Flight 15, including an attempt to catch both rocket stages, is a high-profile test of SpaceX’s reusability plans. Success could strengthen confidence in its long-term ambitions, while the outcome remains uncertain. Barchart article

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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