SpaceX (NASDAQ:SPCX) Stock Falls 2.3% - What's Next?

Key Points

• SpaceX shares fell 2.3% to $139.75 in Wednesday mid-day trading, on volume about 7% above its daily average.
• News includes the FCC accepting SpaceX’s application to acquire 546 wireless spectrum licenses, advancing its Starlink 5G ambitions; an upcoming Starship flight will attempt to catch both rocket stages at the launch tower.
• Analysts give the stock a “Moderate Buy” consensus with an average price target of $243.60. Latest quarterly results beat earnings estimates, while revenue rose 161.4% year over year to $14.57 billion.

SpaceX (NASDAQ:SPCX - Get Free Report)'s stock price traded down 2.3% during mid-day trading on Wednesday. The stock traded as low as $138.62 and last traded at $139.75. 111,389,462 shares were traded during mid-day trading, an increase of 7% from the average daily volume of 103,691,758 shares. The stock had previously closed at $143.09.

Key Headlines Impacting SpaceX

Here are a few of the latest headlines about SPCX:

• Positive Sentiment: The FCC accepted SpaceX’s application to acquire 546 wireless spectrum licenses, a step toward its nationwide 5G ambitions with Starlink. SpaceX Scores Key FCC Breakthrough in $8 Billion Spectrum Deal
• Positive Sentiment: Texas governor-elect Gina Hinojosa struck a more conciliatory tone toward Elon Musk after opposing a SpaceX-related deal during her campaign, potentially easing some political uncertainty. Texas governor-elect strikes conciliatory tone toward Musk
• Neutral Sentiment: Friday’s Starship Flight 15 will attempt to catch both rocket stages with the launch tower—a milestone for reusability if successful, but an unproven maneuver that could be delayed by a failure. Nov. 13 Could Be a Huge Day for SpaceX Stock

Analysts Set New Price Targets

Several research firms have issued reports on SPCX. JPMorgan Chase & Co. increased their price objective on SpaceX from $240.00 to $500.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 21st. Yorkville Ives initiated coverage on shares of SpaceX in a research note on Tuesday, October 6th. They issued an "outperform" rating and a $225.00 price objective on the stock. CLSA assumed coverage on shares of SpaceX in a research report on Monday, September 28th. They issued an "outperform" rating and a $250.00 target price for the company. Susquehanna lifted their target price on shares of SpaceX from $173.00 to $176.00 and gave the company a "neutral" rating in a research note on Wednesday, October 21st. Finally, UBS Group restated an "overweight" rating and set a $300.00 price target on shares of SpaceX in a report on Wednesday, October 21st. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $243.60.

SpaceX Price Performance

The stock has a market cap of $1.90 trillion and a P/E ratio of 537.50. The stock's fifty day moving average price is $149.18. The company has a quick ratio of 3.00, a current ratio of 3.08 and a debt-to-equity ratio of 0.20.

SpaceX (NASDAQ:SPCX - Get Free Report) last issued its quarterly 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 during the quarter. During the same quarter last year, the firm earned ($0.36) earnings per share. The firm's quarterly revenue was up 161.4% compared to the same quarter last year. On average, research analysts predict that SpaceX will post 0.19 earnings per share for the current year.

Insider Transactions at SpaceX

In other SpaceX news, COO Gwynne Shotwell sold 342,170 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were 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 $379,630,414.95. This 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.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SPCX. Patron Partners LLC bought a new position in SpaceX in the third quarter valued at about $337,000. Mayflower Financial Advisors LLC bought a new stake in SpaceX during the 3rd quarter worth about $463,000. Advisors Asset Management Inc. acquired a new position in SpaceX during the 3rd quarter valued at about $302,000. Hamilton Capital Partners LLC boosted its stake in shares of SpaceX by 340.5% in the 3rd quarter. Hamilton Capital Partners LLC now owns 141,590 shares of the company's stock valued at $21,360,000 after purchasing an additional 109,444 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. bought a new position in shares of SpaceX in the 3rd quarter valued at about $5,333,000.

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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