8,560 SpaceX $SPCX Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its stake in shares of SpaceX (NASDAQ:SPCX) by 269.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,741 shares of the company’s stock after buying an additional 8,560 shares during the quarter. Pinnacle Associates Ltd.’s holdings in SpaceX were worth $1,771,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. SC US Ttgp LTD. purchased a new position in shares of SpaceX during the second quarter worth approximately $20,933,621,000. Darsana Capital Partners LP bought a new stake in shares of SpaceX during the second quarter valued at approximately $17,335,783,000. K5 Global Advisor LLC bought a new stake in shares of SpaceX during the second quarter valued at approximately $6,587,531,000. State Street Corp bought a new stake in shares of SpaceX during the second quarter valued at approximately $1,858,329,000. Finally, Dragoneer Investment Group LLC purchased a new stake in shares of SpaceX in the second quarter valued at approximately $1,366,880,000.

Insider Buying and Selling

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

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Strong earnings and AI growth supported the rebound. SpaceX reported third-quarter revenue of $14.58 billion, up 161% year over year, and earnings per share of $0.35 versus analysts’ $0.10 estimate. Its AI segment reportedly generated $431 million in net income, helping offset losses in the launch business. Fantastic News for SpaceX Stock Investors
• Positive Sentiment: Analyst sentiment improved sharply. PhilipCapital upgraded SpaceX from “Sell” to “Buy” and raised its price target from $75 to $250. Bank of America also lifted its target to $275, citing stronger growth prospects and Starship milestones. SpaceX Just Scored a Double Upgrade
• Positive Sentiment: Wireless ambitions broaden the growth story. Reports that SpaceX is seeking access to at least 80,000 U.S. cell sites suggest Starlink could evolve into a nationwide wireless carrier, potentially creating a major new revenue stream. The news pressured telecom stocks while benefiting tower owners. SpaceX Seeks Access to 80,000 US Cell Sites
• Neutral Sentiment: A potential Tesla (NASDAQ: TSLA) merger remains speculative. Elon Musk called the combination a “good idea,” but valuation, conflicts of interest, shareholder approval, antitrust review and Tesla’s China operations could delay or prevent a transaction. SpaceX-Tesla Merger Chatter
• Negative Sentiment: Funding and cash-burn concerns remain significant. SpaceX reportedly burned more than $9.9 billion in free cash flow during the quarter and is raising approximately $40 billion of debt at relatively high interest rates to finance AI and other expansion plans. SpaceX $40 Billion Debt Deal
• Negative Sentiment: Execution and reputational risks could limit upside. The launch division was unprofitable because of heavy research spending, while reports of continuing Starlink restrictions in Ukraine could threaten government relationships and future contracts. In addition, upcoming insider share unlocks may increase supply. Ukraine Says Starlink Restrictions Remain

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Sanford C. Bernstein reissued an “outperform” rating on shares of SpaceX in a research note on Wednesday. Susquehanna lifted their target price on SpaceX from $173.00 to $176.00 and gave the company a “neutral” rating in a research report on Wednesday. Weiss Ratings started coverage on SpaceX in a report on Tuesday, September 1st. They issued a “sell (d)” rating for the company. Pivotal Research upped their target price on SpaceX from $230.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Clear Str raised SpaceX to a “strong-buy” rating in a research report on Tuesday, July 7th. Three investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, SpaceX presently has a consensus rating of “Moderate Buy” and an average price target of $244.19.

SpaceX Stock Performance

NASDAQ:SPCX opened at $147.49 on Friday. SpaceX has a one year low of $104.83 and a one year high of $225.64. 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 company has a market cap of $1.94 trillion and a price-to-earnings ratio of -1,638.78. The firm has a 50-day simple moving average of $149.40.

SpaceX (NASDAQ:SPCX) last announced its quarterly earnings results on Tuesday, October 20th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.25. The business had revenue of $14.57 billion during the quarter. During the same period in the previous year, the firm earned ($0.36) earnings per share. The business’s revenue for the quarter was up 161.4% on a year-over-year basis. On average, research analysts predict that SpaceX will post 0.13 EPS for the current fiscal year.

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.