SpaceX (NASDAQ:SPCX) Stock Price Up 5.2% – Here’s Why

SpaceX (NASDAQ:SPCX)’s share price shot up 5.2% on Wednesday . The company traded as high as $153.01 and last traded at $150.88. 107,725,150 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 103,586,844 shares. The stock had previously closed at $143.49.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: The FCC approved SpaceX’s global telecom authority, supporting Starlink Mobile’s plans to provide direct-to-phone connectivity and compete in space-based 5G services. The decision expands SpaceX’s addressable telecommunications market and reduces a regulatory barrier to commercialization. SpaceX Wins FCC Nod for Global Starlink Mobile Services as It Targets 5G Connectivity From Space
• Positive Sentiment: SpaceX is reportedly set for a larger Nasdaq-100 weighting, potentially rising from 1.28% to 2.82%. The rebalance could generate an estimated $15.5 billion to $22 billion of passive buying from index-tracking funds, although the actual amount and timing remain uncertain. SpaceX Stock Climbs as Nasdaq-100 Weight Increase Could Drive Passive Inflows
• Positive Sentiment: NASA selected SpaceX to launch the StarBurst mission, adding another government launch contract and reinforcing the company’s reliability in scientific and national-security missions. The direct financial impact is likely limited, but the award supports SpaceX’s launch backlog and reputation. NASA Picks SpaceX to Hunt Cosmic Explosions With StarBurst
• Positive Sentiment: Investors continue to anticipate Starship’s next test flight, now targeted for September 28 pending regulatory approval. A successful test could improve the outlook for lower-cost launches, expanded Starlink deployment, and future space-based computing infrastructure. SpaceX Pushes Starship Launch to September 28
• Neutral Sentiment: SpaceX is considering purchasing data from troubled startups to train artificial-intelligence models. The idea could support its AI and space-data ambitions, but no transaction or financial terms have been announced. SpaceX Weighs Buying Data from Troubled Startups to Train AI Models
• Negative Sentiment: JPMorgan data showed retail investors recently sold nearly $250 million of SpaceX shares. Such selling creates a potential supply overhang, though strong institutional or index demand could offset it. SpaceX Stock Is on a Good Run While Retail Investors Are Selling

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SPCX shares. Wells Fargo & Company reduced their target price on SpaceX from $215.00 to $212.00 and set an “overweight” rating for the company in a report on Tuesday, September 8th. Stifel Nicolaus assumed coverage on SpaceX in a research note on Tuesday, July 7th. They issued a “buy” rating and a $190.00 price target on the stock. JPMorgan Chase & Co. started coverage on SpaceX in a research report on Tuesday, July 7th. They set an “overweight” rating and a $225.00 price target for the company. Piper Sandler reduced their price objective on SpaceX from $156.00 to $140.00 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of SpaceX in a report on Monday, August 31st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $221.42.

SpaceX Stock Performance

The firm has a market capitalization of $2.02 trillion and a price-to-earnings ratio of -1,720.11. The stock has a 50 day moving average of $134.54. The company has a quick ratio of 4.99, a current ratio of 5.12 and a debt-to-equity ratio of 0.29.

SpaceX (NASDAQ:SPCX) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.17. The company had revenue of $7.81 billion during the quarter. The firm’s revenue for the quarter was up 91.9% compared to the same quarter last year. Equities research analysts expect that SpaceX will post -0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wedbush Securities Inc. purchased a new position in SpaceX in the second quarter worth approximately $5,094,000. Hyperion Asset Management Ltd acquired a new position in shares of SpaceX in the 2nd quarter valued at $201,137,000. K5 Global Advisor LLC acquired a new position in shares of SpaceX in the 2nd quarter valued at $6,587,531,000. Turner Financial Group Inc. purchased a new position in shares of SpaceX during the 2nd quarter worth $1,228,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of SpaceX during the 2nd quarter worth about $2,502,000.

About SpaceX

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.