SpaceX (NASDAQ:SPCX) Trading Down 4.5% - Here's What Happened

Key Points

• SpaceX shares fell 4.5% on Friday, trading as low as $145.07 after closing at $152.16 the prior day. Volume was also well below average, with about 45.8 million shares changing hands.
• Despite the pullback, Wall Street sentiment remains mostly bullish: several analysts recently initiated or upgraded coverage, and price targets range from $175 to as high as $800. Bank of America set a $235 target, while the overall consensus is a Moderate Buy with a $239.12 average target.
• Investors are balancing growth catalysts against risks, including SpaceX’s addition to the Nasdaq-100 and strong interest from firms like ARK Invest, versus concerns about losses, heavy AI spending, valuation pressure, and rising competition from China’s reusable rocket progress.

Shares of SpaceX (NASDAQ:SPCX - Get Free Report) traded down 4.5% during mid-day trading on Friday . The stock traded as low as $145.07 and last traded at $145.30. 45,774,062 shares changed hands during trading, a decline of 66% from the average daily volume of 133,431,781 shares. The stock had previously closed at $152.16.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX continued to get bullish attention from Wall Street, with multiple analysts initiating coverage and some setting very high price targets, signaling confidence in long-term upside from Starlink, launch services, and AI infrastructure. SpaceX Was Just Flooded With Buy Reports Across Wall Street. Do Analysts Know Something Retail Investors Don't?
• Positive Sentiment: Bank of America initiated coverage with a $235 price target, while Raymond James reportedly set a Street-high $800 target, reinforcing the view that bulls see SpaceX as a multiple-business platform rather than a single-space-launch company. Raymond James Sets Wall Street's Highest Price Target on SpaceX Stock at $800. Here's the Math Behind the 425% Upside Call.
• Positive Sentiment: SpaceX was added to the Nasdaq-100, which should drive forced buying from index funds and ETFs over time, even if the near-term price action has been choppy. SpaceX Added to Nasdaq-100 and Could Trigger $4.3B in Forced Passive Buying
• Positive Sentiment: ARK Invest/Cathie Wood reportedly bought more SpaceX shares, suggesting some major growth investors view the dip as an opportunity. Cathie Wood Buys More SpaceX, Sells AMD, BioNTech, and Other Growth Stocks, 7/9/26
• Neutral Sentiment: Backpack launched 24/7 trading for tokenized and real U.S. equities, including SpaceX, which could improve access and liquidity for international investors, but does not directly change the company’s business outlook. Elon Musk Admits He Was 'Clearly Wrong' About Anthropic— and Promises Not to Weaponize SpaceXAI's Compute Access Against the Claude Maker: 'Not My Style'
• Neutral Sentiment: SpaceX launched new AI-related products and expanded its satellite/launch narrative, but investors are still waiting for clearer evidence that these bets can justify the company’s rich valuation. SpaceX Stock Outlook Hinges on Starlink Scale and Starship Risk
• Negative Sentiment: Several articles highlighted that SpaceX has pulled back sharply from its post-IPO highs as investors worry the stock’s valuation has run ahead of fundamentals. Why SpaceX stock is down over 2% on Friday
• Negative Sentiment: Bearish commentary continues to focus on accelerating losses, major AI spending, and the possibility of substantial future share supply as lockups expire, all of which weigh on the stock. SpaceX Lost $4.28 Billion on $4.7 Billion in Revenue Last Quarter. Here's What's Going On.
• Negative Sentiment: China’s successful reusable rocket milestone adds competitive pressure, underscoring that SpaceX’s lead in launch tech is no longer uncontested. Watch China land a reusable rocket for the first time, a new challenge for Elon Musk's SpaceX

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Barclays raised SpaceX from an "underweight" rating to an "overweight" rating in a research report on Monday, June 22nd. Wedbush started coverage on SpaceX in a report on Tuesday, June 30th. They issued an "outperform" rating and a $190.00 target price on the stock. Wolfe Research initiated coverage on SpaceX in a report on Friday, June 12th. They set an "outperform" rating and a $175.00 price target for the company. Roth Capital raised SpaceX to a "buy" rating in a research report on Monday, June 22nd. Finally, UBS Group initiated coverage on shares of SpaceX in a research note on Tuesday. They issued a "buy" rating and a $210.00 price target on the stock. Four analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $239.12.

SpaceX Price Performance

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

Institutional Trading of SpaceX

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