SpaceX (NASDAQ:SPCX) Shares Up 6.1% – Still a Buy?

SpaceX (NASDAQ:SPCX)’s share price rose 6.1% during mid-day trading on Thursday . The company traded as high as $115.75 and last traded at $114.92. Approximately 252,881,510 shares traded hands during mid-day trading, an increase of 130% from the average daily volume of 109,719,086 shares. The stock had previously closed at $108.27.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Strong first public earnings report: Second-quarter revenue rose 91.9% year over year to $7.81 billion, while the $0.09-per-share loss was narrower than the $0.26 loss analysts expected. Starlink remained the primary earnings engine, and AI-related revenue and cloud contracts expanded rapidly. Reuters earnings report
• Positive Sentiment: Bullish growth outlook and analyst support: Management is targeting more than 2 gigawatts of computing capacity this year, projected additional cloud revenue, and long-term revenue of up to $1 trillion by 2030. Bernstein raised its price target and described the quarter as a net positive, while several firms maintained Buy or Overweight ratings. Bernstein raises SpaceX price target
• Positive Sentiment: Terafab investment adds a strategic catalyst: SpaceX and Tesla plan to invest an initial $16.8 billion in a Texas semiconductor facility, potentially supporting SpaceX’s AI-computing ambitions and deepening its technology ecosystem. Reuters Terafab report

Analysts Set New Price Targets

A number of brokerages have issued reports on SPCX. Wolfe Research reissued an “outperform” rating on shares of SpaceX in a research report on Wednesday. Wall Street Zen cut SpaceX from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Moffett Nathanson initiated coverage on SpaceX in a report on Tuesday, July 7th. They issued a “neutral” rating and a $131.00 price objective on the stock. Mizuho began coverage on SpaceX in a research note on Tuesday, July 7th. They set an “outperform” rating and a $200.00 target price on the stock. Finally, Daiwa Securities Group assumed coverage on SpaceX in a research report on Thursday, July 2nd. They issued a “neutral” rating and a $175.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $229.71.

SpaceX Stock Performance

SpaceX (NASDAQ:SPCX) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.17. The company had revenue of $7.81 billion during the quarter. SpaceX’s revenue was up 91.9% compared to the same quarter last year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Hyperion Asset Management Ltd acquired a new stake in SpaceX in the 2nd quarter valued at about $201,137,000. Tema ETFs LLC purchased a new stake in shares of SpaceX in the second quarter valued at about $32,037,000. Teamwork Financial Advisors LLC acquired a new stake in shares of SpaceX in the second quarter valued at approximately $8,027,000. Heck Capital Advisors LLC purchased a new position in shares of SpaceX during the 2nd quarter worth approximately $3,768,000. Finally, Dynamic Advisor Solutions LLC acquired a new position in shares of SpaceX during the 2nd quarter worth approximately $3,383,000.

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.