NewEdge Advisors LLC Purchases Shares of 99,886 SpaceX $SPCX

NewEdge Advisors LLC purchased a new position in shares of SpaceX (NASDAQ:SPCX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 99,886 shares of the company’s stock, valued at approximately $17,067,000.

Other hedge funds have also recently made changes to their positions in the company. Wedbush Securities Inc. bought a new stake in SpaceX in the second quarter worth $5,094,000. Hyperion Asset Management Ltd purchased a new stake in SpaceX during the second quarter valued at about $201,137,000. K5 Global Advisor LLC bought a new position in shares of SpaceX during the second quarter valued at about $6,587,531,000. Assenagon Asset Management S.A. purchased a new position in shares of SpaceX in the second quarter worth about $2,502,000. Finally, Turner Financial Group Inc. bought a new stake in shares of SpaceX in the 2nd quarter valued at about $1,228,000.

Analysts Set New Price Targets

Several brokerages recently weighed in on SPCX. Wedbush initiated coverage on SpaceX in a report on Tuesday, June 30th. They set an “outperform” rating and a $190.00 target price for the company. Pivotal Research started coverage on SpaceX in a research report on Tuesday. They issued a “buy” rating and a $220.00 price objective for the company. Clear Str upgraded shares of SpaceX to a “strong-buy” rating in a report on Tuesday, July 7th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of SpaceX in a research note on Monday, August 31st. Finally, Wall Street Zen upgraded shares of SpaceX from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the company. Based on data from MarketBeat.com, SpaceX presently has an average rating of “Moderate Buy” and an average price target of $221.06.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: UK Starshield contract: Britain is reportedly spending nearly $40 million on SpaceX satellite services, providing validation for the Starshield defense business and a potential source of recurring international revenue. SpaceX Stock Rises as Britain Spends Nearly $40M on Satellite Services
• Positive Sentiment: Successful government launch: SpaceX launched a U.S. Space Force mission from California, reinforcing its launch reliability and defense-contract credentials. SpaceX Launches Space Force Mission in California
• Positive Sentiment: Starlink product upgrade: A fourth-generation router featuring Wi-Fi 7, broader coverage and support for more connected devices could improve Starlink’s consumer competitiveness and average revenue per user. SpaceX Gives Starlink a Major Wi-Fi Upgrade
• Positive Sentiment: Analyst and institutional support: Pivotal Research initiated coverage with a Buy rating and a $220 target, while Third Point reported acquiring roughly $31 million of SpaceX shares after the IPO. Billionaire Investor Added SpaceX to His Portfolio
• Neutral Sentiment: Data-center strategy shift: Reports that SpaceX may slow or redesign its AI data-center expansion could reduce near-term spending and execution risk, but may also delay projected AI revenue growth. SpaceX Shifting Gears With Data Center Buildout
• Negative Sentiment: Valuation remains a concern: Commentary highlighting a valuation near 98 times sales and recent analyst caution is limiting enthusiasm, especially while SpaceX continues investing heavily in AI infrastructure. SpaceX Trades at 98 Times Sales
• Negative Sentiment: Share-supply and transparency overhangs: Recent lockup expirations have made hundreds of millions of shares eligible for sale, while SpaceX is suing to keep Texas Terafab tax-break records private. Both developments can increase selling pressure or investor scrutiny. SpaceX Sues to Block Release of Terafab Tax-Break Records

SpaceX Price Performance

Shares of NASDAQ:SPCX opened at $148.18 on Friday. SpaceX has a 1 year low of $104.83 and a 1 year high of $225.64. The stock has a market cap of $1.94 trillion and a P/E ratio of -1,646.44. The company has a debt-to-equity ratio of 0.29, a quick ratio of 4.99 and a current ratio of 5.12. The firm’s 50-day simple moving average is $135.01.

SpaceX (NASDAQ:SPCX) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion for the quarter. The business’s revenue was up 91.9% on a year-over-year basis. Analysts expect that SpaceX will post -0.15 EPS for the current fiscal year.

SpaceX Profile

Space Exploration Technologies Corp. (SpaceX) is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles, spacecraft and satellite systems, serving commercial, government and scientific customers.

SpaceX’s principal products include the Falcon 9 and Falcon Heavy rockets, which are used to launch satellites, spacecraft and other payloads into orbit. The company also develops the Dragon spacecraft, which supports cargo and crew missions to low Earth orbit, including missions for NASA and other customers.

Through its Starlink business, SpaceX operates a large constellation of low Earth orbit satellites that provides broadband internet service to customers in numerous countries and regions.