SpaceX (NASDAQ:SPCX) Shares Down 2.2% - What's Next?

Key Points

• SpaceX shares fell 2.2% on Tuesday, trading as low as $135.52 and ending near $136.08, with volume well below average. The move adds to recent volatility after the stock’s strong post-IPO run.
• Recent news flow was mostly constructive: Evercore ISI initiated coverage with an Outperform rating and a $230 target, while the FAA also cleared Starship Flight 13 to proceed after its mishap probe. Frontier Airlines’ plan to add Starlink Wi‑Fi in 2027 further supports the growth story.
• Despite bullish analyst notes, the stock is still facing valuation pressure and bearish commentary about competition and lockup-related share supply. The consensus view remains Moderate Buy, with an average price target of $238.77.

SpaceX (NASDAQ:SPCX - Get Free Report) shares were down 2.2% during trading on Tuesday . The company traded as low as $135.52 and last traded at $136.08. 45,910,199 shares were traded during trading, a decline of 64% from the average session volume of 125,833,156 shares. The stock had previously closed at $139.14.

SpaceX News Roundup

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Evercore ISI initiated coverage on SpaceX with an Outperform rating and a $230 price target, reinforcing the view that the stock still has substantial upside if Starship and Starlink execution improves. Article Title
• Positive Sentiment: Frontier Airlines said it will roll out SpaceX’s Starlink in-flight Wi-Fi beginning in 2027, adding another commercial customer and supporting the case that Starlink’s satellite internet business could become a bigger growth engine than rocket launches alone. Article Title
• Positive Sentiment: The FAA cleared SpaceX to proceed with Starship Flight 13 after its mishap probe, removing a regulatory hurdle and giving investors a near-term technical milestone to watch. Article Title
• Positive Sentiment: Cathie Wood’s ARK funds continued buying SpaceX shares, and other bullish notes from Wall Street suggest some investors still see the pullback as an opportunity rather than a warning sign. Article Title
• Neutral Sentiment: Commentary around SpaceX’s inclusion in the Nasdaq-100 and multiple bullish long-term price targets is helping keep the stock in focus, but these are largely sentiment-driven rather than immediate operating catalysts. Article Title
• Neutral Sentiment: Articles arguing SpaceX could double over the next two years or trade much higher by 2028 are constructive, but they mainly reinforce the debate over whether the stock is still too expensive after its rapid run-up. Article Title
• Negative Sentiment: The stock remains under pressure from valuation concerns, with several pieces noting that SpaceX has fallen sharply from post-IPO highs and is trading near its offering price. Article Title
• Negative Sentiment: Bearish coverage is focused on China competition, lockup expiry risk, and a potential surge in tradable shares, which could keep pressure on SpaceX if momentum buyers continue to exit. Article Title

Analysts Set New Price Targets

A number of research firms have issued reports on SPCX. Argus assumed coverage on shares of SpaceX in a research report on Friday, June 26th. They issued a "hold" rating for the company. Raymond James Financial initiated coverage on shares of SpaceX in a report on Tuesday, July 7th. They set a "strong-buy" rating and a $800.00 price target on the stock. Needham & Company LLC initiated coverage on shares of SpaceX in a research note on Tuesday, July 7th. They issued a "buy" rating and a $200.00 price target on the stock. Daiwa Securities Group began coverage on SpaceX in a research note on Thursday, July 2nd. They issued a "neutral" rating and a $175.00 target price on the stock. Finally, Clear Str raised SpaceX to a "strong-buy" rating in a research report on Tuesday, July 7th. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, SpaceX presently has a consensus rating of "Moderate Buy" and an average price target of $238.77.

SpaceX Trading Down 2.2%

SpaceX (NASDAQ:SPCX - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.27) EPS for the quarter. The firm had revenue of $4.69 billion during the quarter.

Hedge Funds Weigh In On SpaceX

A number of institutional investors have recently modified their holdings of SPCX. Atwood & Palmer Inc. acquired a new stake in shares of SpaceX in the second quarter worth $29,000. Marquette Asset Management LLC acquired a new position in SpaceX in the 2nd quarter valued at $32,000. Burkett Financial Services LLC bought a new position in SpaceX in the 2nd quarter worth $70,000. Contravisory Investment Management Inc. acquired a new position in SpaceX during the 2nd quarter worth $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in SpaceX during the second quarter valued at about $89,000.

SpaceX Company Profile

SpaceX, or Space Exploration Technologies Corp., is an American aerospace company focused on the design, manufacture and launch of advanced rockets and spacecraft. The company develops launch vehicles and space systems used for commercial, government and scientific missions, with a strong emphasis on lowering the cost of access to space through reusable rocket technology.

Founded in 2002 by Elon Musk, SpaceX has built a broad portfolio of products and services that includes the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starship development program.

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