SpaceX (NASDAQ:SPCX) Trading 2.6% Higher - Here's What Happened

Key Points

• SpaceX shares rose 2.6% on Thursday, trading as high as $153.50 after closing at $148.30 the day before. Volume was lighter than usual, with about 46.1 million shares changing hands.
• The stock is getting a boost from several bullish catalysts, including new analyst coverage with price targets as high as $800, its addition to the Nasdaq-100, and reported renewed buying by ARK Invest.
• Despite the positive momentum, investors remain cautious because valuation and losses are still major concerns, and the stock has been volatile since its IPO with some bearish commentary weighing on sentiment.

Shares of SpaceX (NASDAQ:SPCX - Get Free Report) traded up 2.6% during mid-day trading on Thursday . The company traded as high as $153.50 and last traded at $152.16. Approximately 46,061,227 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 138,348,703 shares. The stock had previously closed at $148.30.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX got a fresh boost from bullish Wall Street calls, including Raymond James’ $800 price target and other coverage that suggests significant upside if the company can execute on Starlink, Starship, and AI growth. Article Title
• Positive Sentiment: The stock is also benefiting from forced passive buying after being added to the Nasdaq-100, which could funnel billions of dollars from index funds into SPCX over time. Article Title
• Positive Sentiment: Cathie Wood’s ARK Invest reportedly bought more SpaceX shares again, reinforcing the view that some growth investors see the recent weakness as a buying opportunity. Article Title
• Positive Sentiment: SpaceX’s launch momentum and milestone coverage helped lift sentiment, with reports highlighting successful launch achievements and new commercial demand for Starship-related services. Article Title
• Neutral Sentiment: SpaceX also drew attention for the upcoming launch of Grok 4.5 and the company’s growing AI ambitions, but this has been a double-edged sword because investors are still waiting for proof that the AI push can translate into durable monetization.
• Negative Sentiment: Despite the bullish headlines, the stock has been volatile since its IPO and has recently fallen back from its early highs, as investors question the company’s lofty valuation and heavy losses. Article Title
• Negative Sentiment: Bearish commentary from high-profile investors such as Jeremy Grantham and concerns about junk-like bond pricing have added to the caution around SPCX, signaling that not everyone believes the current valuation is sustainable. Article Title

Wall Street Analyst Weigh In

A number of research firms have weighed in on SPCX. Deutsche Bank Aktiengesellschaft began coverage on SpaceX in a report on Tuesday. They issued a "buy" rating and a $255.00 target price on the stock. Needham & Company LLC began coverage on SpaceX in a research report on Tuesday. They set a "buy" rating and a $200.00 price objective on the stock. New Street Research upgraded SpaceX to a "strong-buy" rating in a research report on Thursday, June 11th. Oppenheimer increased their price target on SpaceX from $190.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, June 18th. Finally, Citigroup started coverage on SpaceX in a research report on Tuesday. They set a "buy" rating and a $200.00 target price on the stock. Four research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, SpaceX currently has a consensus rating of "Moderate Buy" and a consensus price target of $239.12.

SpaceX Stock Up 2.6%

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

Institutional Trading of SpaceX

Several large investors have recently added to or reduced their stakes in SPCX. Contravisory Investment Management Inc. acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $73,000. World Equity Group Inc. bought a new stake in shares of SpaceX during the second quarter valued at approximately $776,000. Focus Financial Network Inc. acquired a new stake in SpaceX during the second quarter valued at approximately $1,338,000. IFC & Insurance Marketing Inc. acquired a new stake in shares of SpaceX during the 2nd quarter worth about $243,000. Finally, Adamsbrown Wealth Consultants LLC bought a new stake in SpaceX during the 2nd quarter worth about $453,000.

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.