SpaceX (NASDAQ:SPCX) Trading Up 3.1% – Here’s What Happened

SpaceX (NASDAQ:SPCX)’s stock price rose 3.1% during trading on Tuesday . The company traded as high as $129.88 and last traded at $123.54. Approximately 78,748,715 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 114,108,547 shares. The stock had previously closed at $119.85.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Macquarie and other analysts reiterated bullish targets, arguing SpaceX’s AI and infrastructure opportunities could drive meaningful upside. Article Title
• Positive Sentiment: ARK Invest and other high-profile buyers added to SpaceX positions, signaling confidence despite the recent pullback. Article Title
• Positive Sentiment: SpaceX’s Starship launch and satellite deployment activity show ongoing operational momentum, which could support sentiment if execution stays on track. Article Title
• Neutral Sentiment: SpaceX’s planned first public earnings report on Aug. 4 is a major near-term event, but it also increases uncertainty because investors will be judging financials for the first time. Article Title
• Negative Sentiment: About $116 billion in shares could become eligible for sale after earnings, raising the risk of insider selling and added pressure on the stock. Article Title
• Negative Sentiment: Despite the bullish commentary, SpaceX remains well below its highs and has been hit by repeated warnings about valuation, short interest, and the risk that the post-IPO rally was too aggressive. Article Title

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SPCX shares. Zacks Research raised SpaceX to a “hold” rating in a report on Monday, June 15th. Wolfe Research assumed coverage on SpaceX in a research note on Friday, June 12th. They issued an “outperform” rating and a $175.00 target price on the stock. KGI Securities cut SpaceX from an “outperform” rating to a “hold” rating in a research report on Monday, June 22nd. Arete Research set a $401.00 price objective on SpaceX and gave the stock a “buy” rating in a report on Thursday, June 18th. Finally, Stifel Nicolaus initiated coverage on shares of SpaceX in a report on Tuesday, July 7th. They set a “buy” rating and a $190.00 price objective on the stock. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $234.78.

SpaceX Trading Down 6.7%

SpaceX (NASDAQ:SPCX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.27) EPS for the quarter. The business had revenue of $4.69 billion for the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Atwood & Palmer Inc. purchased a new stake in SpaceX during the second quarter valued at about $29,000. Marquette Asset Management LLC purchased a new position in SpaceX during the 2nd quarter valued at about $32,000. Burkett Financial Services LLC purchased a new position in shares of SpaceX during the second quarter valued at approximately $70,000. Contravisory Investment Management Inc. purchased a new position in SpaceX during the 2nd quarter valued at $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in SpaceX in the second quarter worth about $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.