SpaceX (NASDAQ:SPCX) Stock Rating Upgraded by Piper Sandler

Key Points

• Piper Sandler upgraded SpaceX to a “hold” rating, adding to a mixed but generally constructive Wall Street view of the stock.
• Analysts overall still lean bullish: MarketBeat says SpaceX now has a Moderate Buy consensus and an average price target of $234.78, with several firms recently reiterating or initiating positive ratings.
• Despite the analyst support, SpaceX shares were down 3.1% and trading at $131.11, near their 52-week low and below the IPO price, while the company also reported a quarterly loss of $1.27 per share on $4.69 billion in revenue.

SpaceX (NASDAQ:SPCX - Get Free Report) was upgraded by equities research analysts at Piper Sandler to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Susquehanna initiated coverage on SpaceX in a research report on Tuesday, June 23rd. They issued a "neutral" rating and a $170.00 price objective on the stock. Wedbush assumed coverage on SpaceX in a research report on Tuesday, June 30th. They set an "outperform" rating and a $190.00 target price for the company. TD Cowen initiated coverage on shares of SpaceX in a research note on Monday, June 22nd. They set a "buy" rating for the company. Needham & Company LLC upped their price target on shares of SpaceX from $200.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Royal Bank Of Canada assumed coverage on shares of SpaceX in a report on Tuesday, July 7th. They set an "outperform" rating and a $225.00 price objective for the company. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, SpaceX presently has an average rating of "Moderate Buy" and a consensus target price of $234.78.

SpaceX Trading Down 3.1%

Shares of NASDAQ:SPCX opened at $131.11 on Wednesday. SpaceX has a 1 year low of $130.74 and a 1 year high of $225.64.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Atwood & Palmer Inc. purchased a new stake in SpaceX during the second quarter valued at approximately $29,000. Marquette Asset Management LLC acquired a new stake in SpaceX in the second quarter valued at approximately $32,000. Burkett Financial Services LLC purchased a new position in SpaceX in the second quarter worth $70,000. Contravisory Investment Management Inc. purchased a new position in SpaceX in the second quarter worth $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of SpaceX during the second quarter worth $89,000.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Several Wall Street firms remain constructive, with analysts from Morgan Stanley, Evercore, Needham, and Raymond James reiterating or raising bullish price targets on the back of SpaceX’s long-term launch, Starlink, and AI-related growth potential.
• Positive Sentiment: Cathie Wood’s ARK Invest bought more SpaceX shares ahead of the Starship test, signaling that some prominent investors see the recent weakness as a buying opportunity.
• Positive Sentiment: SpaceX is still getting attention for future growth catalysts, including Starship Flight 13, expanded Starlink adoption, and plans for AI compute satellites and other space-based infrastructure.
• Neutral Sentiment: The company’s Starship test was aborted before liftoff after ignition/at the last second, which delays a key near-term catalyst but does not indicate a failure in the program itself. SpaceX suddenly aborts second Starship V3 launch after ignition
• Neutral Sentiment: Commentary around SpaceX becoming the most shorted new stock and short sellers earning billions reflects heavy bearish positioning, but also highlights that the stock is now a major battleground between bulls and bears. Short sellers rack up $8.7 bln profit as SpaceX slips below IPO price -Ortex
• Negative Sentiment: SpaceX’s break below its IPO price has been widely viewed as a sign that the debut rally is fading, and the stock is now trading more like a volatile momentum name than a newly listed growth story.
• Negative Sentiment: Investor concern is also being fueled by articles questioning whether the stock could fall further, with some skeptics arguing SpaceX remains expensive relative to near-term profitability.

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.

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