SpaceX (NASDAQ:SPCX) Stock Falls 2.3% – Should You Sell?

SpaceX (NASDAQ:SPCX)’s share price was down 2.3% during mid-day trading on Wednesday. The company traded as low as $138.62 and last traded at $139.75. 111,389,462 shares were traded during trading, an increase of 7% from the average daily volume of 103,691,758 shares. The stock had previously closed at $143.09.

More SpaceX News

Investors following SPCX have been watching these news items:

• Positive Sentiment: Morgan Stanley’s Adam Jonas sees a successful Starship double-catch as a potentially important milestone that could strengthen the case for SpaceX’s longer-term businesses; he reportedly sees shares reaching $300. Morgan Stanley analyst sees potential in Starship milestone
• Positive Sentiment: SpaceX plans to invest more than $74 billion in AI-computing campuses in Texas and Arizona, signaling a major push into AI infrastructure and a potential new growth engine. The scale of the spending also raises questions about capital needs and project execution. Reuters report on planned AI investments
• Negative Sentiment: The proposed merger faces political headwinds: Texas Attorney General-elect Nathan Johnson has signaled rigorous state scrutiny, adding uncertainty to the timing and feasibility of a transaction. Report on Texas scrutiny of a possible merger

Analyst Ratings Changes

A number of research firms have recently issued reports on SPCX. Sanford C. Bernstein set a $267.00 price target on SpaceX in a research report on Monday, October 26th. Wall Street Zen upgraded SpaceX from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. Arete Research set a $450.00 price target on shares of SpaceX in a research report on Tuesday, August 11th. Bank of America upped their price objective on SpaceX from $235.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, October 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of SpaceX from $214.00 to $274.00 and gave the company an “overweight” rating in a report on Wednesday, October 21st. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $243.60.

SpaceX Price Performance

The business’s 50 day moving average is $149.12. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.08 and a quick ratio of 3.00. The company has a market cap of $1.91 trillion and a P/E ratio of 538.97.

SpaceX (NASDAQ:SPCX) last released its quarterly earnings data on Tuesday, October 20th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.25. The company had revenue of $14.57 billion during the quarter. SpaceX had a negative net margin of 8.61% and a negative return on equity of 3.24%. The business’s revenue was up 161.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.36) EPS. On average, equities analysts forecast that SpaceX will post 0.22 EPS for the current year.

Insiders Place Their Bets

In other SpaceX news, COO Gwynne Shotwell sold 342,170 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $153.57, for a total transaction of $52,547,046.90. Following the transaction, the chief operating officer directly owned 2,472,035 shares of the company’s stock, valued at approximately $379,630,414.95. This trade represents a 12.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Hedge Funds Weigh In On SpaceX

A number of large investors have recently bought and sold shares of SPCX. Alphabet Inc. boosted its stake in shares of SpaceX by 0.7% during the 3rd quarter. Alphabet Inc. now owns 555,043,560 shares of the company’s stock worth $83,733,871,000 after acquiring an additional 3,854,060 shares in the last quarter. SC US Ttgp LTD. acquired a new position in SpaceX in the second quarter valued at $20,933,621,000. Darsana Capital Partners LP purchased a new position in shares of SpaceX during the 2nd quarter worth about $17,335,783,000. K5 Global Advisor LLC acquired a new position in shares of SpaceX in the 2nd quarter valued at $6,587,531,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of SpaceX in the 3rd quarter worth $4,224,143,000.

SpaceX Company Profile

Space Exploration Technologies Corp., commonly known as SpaceX, is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles and spacecraft designed to reduce the cost of access to space and support commercial, government and scientific missions. SpaceX’s principal products and services include the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starlink satellite communications network. Falcon rockets are used to launch satellites, cargo and crew, while Dragon spacecraft support transportation to and from low Earth orbit.