SpaceX (NASDAQ:SPCX) Trading Down 3.3% - What's Next?

Key Points

• SpaceX shares fell 3.3% in midday trading, with the stock last seen at $119.85 after trading as low as $119.68. Volume was below average, suggesting the move came on lighter-than-usual trading.
• Despite the pullback, several analysts remain bullish, with recent ratings including Buy and Outperform calls and a consensus price target of $234.78. Coverage also highlighted potential upside from SpaceX’s role in AI-related computing work for the Pentagon.
• Starship’s next test flight is targeted for Thursday, July 23, which could be a near-term catalyst for the stock. At the same time, commentary warns that execution risk and a stretched valuation could keep pressure on shares if the launch disappoints.

SpaceX (NASDAQ:SPCX - Get Free Report)'s share price dropped 3.3% during mid-day trading on Monday . The stock traded as low as $119.68 and last traded at $119.85. 56,545,115 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 115,762,250 shares. The stock had previously closed at $123.99.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX is still drawing bullish attention from some Wall Street voices, including a maintained Buy rating and a $300 price target, with analysts arguing that AI-related opportunities could expand the company’s long-term addressable market.
• Positive Sentiment: Reports that SpaceX is in talks to provide computing power for the Pentagon’s AI push could open a new growth avenue beyond rockets and satellite broadband. Article Title
• Positive Sentiment: The next Starship test flight is now targeted for Thursday, July 23, giving investors a near-term catalyst that could improve sentiment if the launch goes well. Article Title
• Neutral Sentiment: Cathie Wood’s ARK Invest reportedly bought millions of dollars of SpaceX stock, showing that some major investors still see long-term upside, even as the stock has been volatile.
• Negative Sentiment: Multiple commentaries warn that the stock’s valuation remains stretched despite the selloff, and some strategists argue investors are still overestimating the pace of future growth.
• Negative Sentiment: The aborted Starship launch attempt and broader execution risk are reminders that SpaceX still needs operational wins to support its premium valuation. Article Title
• Negative Sentiment: Some analysts and market commentators are explicitly warning against buying the dip, saying the stock may have further downside if sentiment toward speculative, pre-revenue names stays weak.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SPCX. Wedbush began coverage on shares of SpaceX in a research report on Tuesday, June 30th. They set an "outperform" rating and a $190.00 target price on the stock. The Goldman Sachs Group initiated coverage on shares of SpaceX in a research note on Tuesday, July 7th. They set a "buy" rating and a $205.00 price target for the company. Zacks Research raised shares of SpaceX to a "hold" rating in a research note on Monday, June 15th. Wolfe Research initiated coverage on SpaceX in a research report on Friday, June 12th. They set an "outperform" rating and a $175.00 target price for the company. Finally, Raymond James Financial began coverage on SpaceX in a report on Tuesday, July 7th. They set a "strong-buy" rating and a $800.00 target price on the stock. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $234.78.

SpaceX Stock Performance

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

Institutional Inflows and Outflows

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

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.

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