SpaceX (NASDAQ:SPCX) Shares Up 4.2% Following Analyst Upgrade

Key Points

• SpaceX shares rose 4.2% to $138.74 after Wall Street Zen upgraded the stock from “sell” to “hold,” with trading volume 46% above its daily average.
• Analyst sentiment remains broadly positive: SpaceX has a consensus “Moderate Buy” rating and an average price target of $227.31, despite some neutral and sell ratings.
• Quarterly revenue surged 91.9% year over year to $7.81 billion, while the $0.09-per-share loss beat expectations; however, heavy capital spending and continued losses underscore valuation and volatility risks.

SpaceX (NASDAQ:SPCX - Get Free Report) was up 4.2% on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $139.26 and last traded at $138.74. 167,662,407 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 115,034,031 shares. The stock had previously closed at $133.11.

Several other brokerages have also recently commented on SPCX. Guggenheim initiated coverage on shares of SpaceX in a research report on Friday. They set a "buy" rating on the stock. Piper Sandler lowered their target price on SpaceX from $156.00 to $140.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 5th. Mizuho began coverage on SpaceX in a report on Tuesday, July 7th. They set an "outperform" rating and a $200.00 target price on the stock. Bank of America began coverage on SpaceX in a research report on Tuesday, July 7th. They set a "buy" rating and a $235.00 price target for the company. Finally, Evercore started coverage on SpaceX in a research report on Tuesday, July 14th. They set an "outperform" rating and a $230.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have issued a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $227.31.

More SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX’s first public earnings report showed revenue of $7.81 billion, up 91.9% year over year, while its $0.09-per-share loss was narrower than analysts expected. The results helped restore confidence after the post-earnings selloff. SpaceX stock rebounds to near $135 IPO price
• Positive Sentiment: The release of more than 900 million shares on August 6 did not trigger the sharp selling many investors feared. The stock’s resilience has eased a major technical overhang and contributed to its recent rally. Another potential unlock is reportedly scheduled for August 20. SpaceX Stock Jumps Again After Lock-Up Rally
• Positive Sentiment: ARK Invest bought approximately $13.2 million of SpaceX shares after the earnings-related decline. Cathie Wood’s view is that investors are underestimating SpaceX’s long-term opportunity in Starlink, artificial intelligence and space-based infrastructure. Why Cathie Wood is piling into SpaceX stock
• Positive Sentiment: A Falcon 9 booster is scheduled to conduct its 18th flight while deploying Starlink satellites, highlighting SpaceX’s launch cadence and reusable-rocket advantage. SpaceX Will Fly the Same Falcon 9 Booster for an 18th Time
• Neutral Sentiment: Retail investors became net sellers for the first time since the June IPO, selling roughly $4.5 million of shares. The amount is modest, but the shift bears watching after the recent rally. Retail investors sold SpaceX shares for first time
• Negative Sentiment: Bears argue that SpaceX’s valuation already assumes successful execution of ambitious AI, Starlink and space-data-center plans. Capital expenditures reached $18.4 billion in the quarter, and the company remains loss-making, increasing the risk of renewed volatility. Veteran Investor Calls SpaceX a Highly Speculative Game

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Atwood & Palmer Inc. bought a new position in SpaceX in the second quarter worth approximately $29,000. Marquette Asset Management LLC bought a new position in SpaceX in the 2nd quarter valued at $32,000. Burkett Financial Services LLC purchased a new stake in shares of SpaceX during the 2nd quarter worth approximately $70,000. Contravisory Investment Management Inc. bought a new stake in SpaceX in the 2nd quarter valued at about $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in SpaceX during the 2nd quarter valued at $89,000.

SpaceX Price Performance

The firm's 50-day moving average is $143.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 4.99 and a current ratio of 5.12.

SpaceX (NASDAQ:SPCX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion for the quarter. The business's revenue for the quarter was up 91.9% compared to the same quarter last year. On average, analysts predict that SpaceX will post -0.11 EPS for the current fiscal year.

About SpaceX

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source