SpaceX (NASDAQ:SPCX) Trading Up 7.2% – Still a Buy?

SpaceX (NASDAQ:SPCX)’s stock price rose 7.2% during trading on Monday . The stock traded as high as $166.17 and last traded at $164.19. 79,927,012 shares were traded during mid-day trading, a decline of 53% from the average session volume of 171,237,406 shares. The stock had previously closed at $153.23.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Wedbush launched coverage of SpaceX (SPCX) with a Buy rating and $190 target, citing upside from Starlink, launch services, and AI-related businesses. SpaceX Stock Gets Buy Rating From a Tesla Bull Who Knows The Biggest Risk
• Positive Sentiment: SpaceX (SPCX) is headed into the Nasdaq-100 on July 7, a move expected to bring large passive inflows from index funds and ETFs. SpaceX Achieves Escape Velocity With Nasdaq Fast-Track
• Positive Sentiment: Dan Ives said SpaceX (SPCX) may be one of the best AI plays because of its demand flywheel and expanding AI infrastructure ambitions. Dan Ives Says SpaceX’s Demand Flywheel is Just Getting Started

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Arete Research set a $401.00 price objective on SpaceX and gave the company a “buy” rating in a report on Thursday, June 18th. Benchmark started coverage on SpaceX in a report on Monday, June 22nd. They set a “buy” rating on the stock. KGI Securities cut SpaceX from an “outperform” rating to a “hold” rating in a research report on Monday, June 22nd. Roth Mkm upgraded SpaceX to a “buy” rating in a research report on Monday, June 22nd. Finally, TD Cowen initiated coverage on shares of SpaceX in a research note on Monday, June 22nd. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $209.43.

SpaceX Trading Down 7.8%

SpaceX (NASDAQ:SPCX) last issued its quarterly 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 during the quarter.

Insider Activity

In other news, CEO Elon Musk sold 11,390 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $105.32, for a total transaction of $1,199,594.80. Following the transaction, the chief executive officer owned 526,165,900 shares in the company, valued at $55,415,792,588. This trade represents a 0.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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.