SpaceX $SPCX Stock Purchased by AlTi Global Inc.

Key Points

• AlTi Global sharply increased its SpaceX stake by 10,909.1% in the third quarter, ending with 206,311 shares valued at approximately $31.1 million.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus rating and a $243.60 average price target; JPMorgan raised its target to $500.
• SpaceX reported quarterly earnings of $0.35 per share, beating the $0.10 estimate, while revenue rose 161.4% year over year to $14.57 billion. The company nevertheless recorded a negative net margin of 8.61%.

AlTi Global Inc. grew its stake in shares of SpaceX (NASDAQ:SPCX - Free Report) by 10,909.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 206,311 shares of the company's stock after buying an additional 204,437 shares during the quarter. SpaceX comprises 0.6% of AlTi Global Inc.'s holdings, making the stock its 24th biggest position. AlTi Global Inc.'s holdings in SpaceX were worth $31,124,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Syntax Research Inc. bought a new position in shares of SpaceX in the second quarter valued at approximately $26,000. Atwood & Palmer Inc. bought a new stake in SpaceX during the second quarter worth approximately $29,000. PayPay Securities Corp bought a new stake in SpaceX during the second quarter worth approximately $30,000. Marquette Asset Management LLC acquired a new stake in SpaceX in the second quarter worth approximately $32,000. Finally, Hickory Point Bank & Trust acquired a new stake in SpaceX in the third quarter worth approximately $30,000.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Piper Sandler reaffirmed a "neutral" rating on shares of SpaceX in a research note on Wednesday, October 21st. Morgan Stanley reissued an "overweight" rating on shares of SpaceX in a research note on Wednesday, October 21st. Guggenheim assumed coverage on SpaceX in a research note on Friday, August 7th. They issued a "buy" rating on the stock. JPMorgan Chase & Co. upped their price objective on SpaceX from $240.00 to $500.00 and gave the company an "overweight" rating in a report on Wednesday, October 21st. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of SpaceX in a research note on Wednesday, October 14th. Four investment 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 issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $243.60.

SpaceX Price Performance

NASDAQ SPCX opened at $139.11 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.08 and a quick ratio of 3.00. The stock has a 50 day simple moving average of $148.90. SpaceX has a 12 month low of $104.83 and a 12 month high of $225.64. The company has a market cap of $1.89 trillion and a P/E ratio of 535.04.

SpaceX (NASDAQ:SPCX - Get Free Report) last released its earnings results on Tuesday, October 20th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.10 by $0.25. The business had revenue of $14.57 billion during the quarter. SpaceX had a negative net margin of 8.61% and a negative return on equity of 3.24%. The firm's revenue for the quarter was up 161.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.36) earnings per share. On average, analysts anticipate that SpaceX will post 0.22 earnings per share for the current year.

Key SpaceX News

Investors following SPCX have been watching these news items:

• Positive Sentiment: Investor backing and Starship potential: Thrive Capital more than doubled its SpaceX stake in the third quarter, with the position valued at about $7.1 billion. Morgan Stanley’s Adam Jonas also sees a successful first attempt to catch both Starship stages as a meaningful milestone that could support a higher valuation. Benzinga: Thrive Capital increases its SpaceX stake
• Negative Sentiment: High spending and hurdles raise execution risk: SpaceX expects to spend $35 billion to $40 billion this quarter, while its AI-campus plans face permitting scrutiny, including a pending Arizona hearing. The planned Starship test also still awaited FAA approval shortly before launch, leaving a high-profile catalyst uncertain. Benzinga: Starship Flight 15 awaiting FAA approval
• Negative Sentiment: Merger scrutiny adds uncertainty: Texas Attorney General-elect Nathan Johnson has signaled rigorous review of a possible SpaceX-Tesla combination, creating a potential political and regulatory obstacle. These concerns may help explain why ambitious growth news has not fully eased pressure on SPCX. Yahoo Finance: Incoming Texas AG vows scrutiny of potential merger

Insider Transactions at SpaceX

In other SpaceX news, COO Gwynne Shotwell sold 342,170 shares of the company's stock in a transaction on Tuesday, September 22nd. The stock was 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 of the company's stock, valued at approximately $379,630,414.95. This represents a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SpaceX 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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