SpaceX (NASDAQ:SPCX) Trading Up 2.2% - Here's Why

Key Points

• SpaceX shares rose 2.2% to $136.97 on Friday, despite trading volume falling 31% below its average. The move followed a successful launch of 29 Starlink satellites and a booster landing, further supporting the company’s satellite-internet expansion.
• Analyst sentiment is mixed: William Blair reiterated a Buy rating, while Raymond James and Citigroup downgraded the stock to Sell. Overall, MarketBeat reports a “Moderate Buy” consensus with an average price target of $220.20.
• SpaceX reported quarterly revenue of $7.81 billion, up 91.9% year over year, and narrowed its loss to $0.09 per share versus estimates of $0.26. Several institutional investors also established new positions during the second quarter.

SpaceX (NASDAQ:SPCX - Get Free Report) traded up 2.2% during trading on Friday . The company traded as high as $137.35 and last traded at $136.97. 78,177,565 shares changed hands during trading, a decline of 31% from the average daily volume of 113,584,313 shares. The stock had previously closed at $134.00.

More SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX successfully launched 29 Starlink satellites and landed the Falcon 9 booster on a drone ship. The mission pushed Starlink toward—and according to Elon Musk, beyond—11,000 satellites in orbit, reinforcing the company’s launch cadence and satellite-internet expansion. SpaceX launches 29 Starlink satellites
• Positive Sentiment: Federal policy targeting 1,000 launches annually by 2030 could create a favorable regulatory and contracting environment for SpaceX. Musk has also outlined an extremely ambitious Starship goal of roughly 10,000 launches per year, highlighting the company’s long-term growth opportunity. Elon Musk on Starship launch targets
• Positive Sentiment: William Blair reiterated a Buy rating, citing SpaceX’s lead in reusable rockets and potential growth from AI-related revenue. A proposed $16.8 billion chip-factory venture with Tesla could also support SpaceX’s computing and AI ambitions. William Blair reiterates Buy

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Raymond James Financial lowered shares of SpaceX from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, August 7th. Citigroup lowered SpaceX from a "buy" rating to a "sell" rating in a research note on Friday, August 7th. Benchmark initiated coverage on SpaceX in a report on Monday, June 22nd. They set a "buy" rating for the company. Canaccord Genuity Group initiated coverage on SpaceX in a research report on Tuesday, July 7th. They set a "buy" rating and a $246.00 price target on the stock. Finally, JPMorgan Chase & Co. assumed coverage on SpaceX in a research report on Tuesday, July 7th. They issued an "overweight" rating and a $225.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, SpaceX currently has an average rating of "Moderate Buy" and an average price target of $220.20.

SpaceX Stock Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 5.12 and a quick ratio of 4.99. The firm has a 50-day moving average price of $142.80. The firm has a market capitalization of $1.79 trillion and a PE ratio of -1,521.89.

SpaceX (NASDAQ:SPCX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.26) by $0.17. The company had revenue of $7.81 billion for the quarter. SpaceX's revenue for the quarter was up 91.9% on a year-over-year basis. On average, analysts predict that SpaceX will post -0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SpaceX

Several large investors have recently bought and sold shares of the business. Hyperion Asset Management Ltd purchased a new position in shares of SpaceX in the 2nd quarter worth $201,137,000. Tema ETFs LLC bought a new position in SpaceX in the second quarter valued at about $32,037,000. Montanova Capital LLC purchased a new position in SpaceX in the second quarter worth about $17,291,000. Proficio Capital Partners LLC bought a new stake in shares of SpaceX during the 2nd quarter valued at about $8,120,000. Finally, Teamwork Financial Advisors LLC purchased a new stake in shares of SpaceX during the 2nd quarter valued at about $8,027,000.

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.

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.

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