SpaceX (NASDAQ:SPCX) Trading 19.6% Higher on Analyst Upgrade

Shares of SpaceX (NASDAQ:SPCX) traded up 19.6% on Monday after Wolfe Research upgraded the stock to a strong-buy rating. Wolfe Research now has a $175.00 price target on the stock. SpaceX traded as high as $193.00 and last traded at $192.50. 245,001,284 shares traded hands during mid-day trading, The stock had previously closed at $160.95.

A number of other analysts also recently issued reports on the company. Cfra initiated coverage on SpaceX in a research note on Friday. They issued a “sell” rating and a $115.00 target price for the company. Oppenheimer set a $190.00 target price on SpaceX and gave the stock an “outperform” rating in a research note on Thursday. New Street Research raised SpaceX to a “strong-buy” rating in a research note on Thursday. Finally, KGI Securities initiated coverage on SpaceX in a research note on Thursday. They issued an “outperform” rating for the company. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, SpaceX presently has an average rating of “Buy” and a consensus target price of $161.25.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX extended its post-IPO rally after raising its offering to $85.7 billion through the underwriters’ greenshoe exercise, reinforcing demand for the stock and tightening the supply/demand imbalance. Reuters: SpaceX IPO raises $85.7 billion as underwriters exercise ‘greenshoe’ option
• Positive Sentiment: Several new ETF products launched to provide leveraged exposure to SpaceX, adding another source of incremental buying interest and speculation around the new public stock. ETF Trends: Direxion Debuts Daily SpaceX Bull 2X ETF
• Positive Sentiment: High-profile investors and institutions, including Ron Baron and Gina Rinehart, reportedly bought into the IPO, which helps validate demand and can encourage further momentum buying. CNBC: Ron Baron bought $1 billion of SpaceX shares in IPO
• Neutral Sentiment: Elon Musk boosted the long-term narrative by saying SpaceX could reach $1 trillion in annual revenue by 2030, but that forecast is highly ambitious and not a near-term operating update. Reuters: Musk says SpaceX could bring $1 trillion revenue by 2030
• Neutral Sentiment: Analysts are split on valuation, with some arguing SpaceX is worth a premium because of Starlink and launch dominance, while others warn the stock could be overextended and volatile after the debut. TipRanks: SpaceX Gets Its First ‘Sell’ Rating
• Negative Sentiment: The biggest risk remains valuation and execution: SpaceX is now priced like a mega-cap leader, but it still has heavy capital spending, losses, and a highly speculative AI-linked growth story that could disappoint if cash flows don’t catch up. CNBC: SpaceX: To the moon for investors or a bumpy ride?

SpaceX Stock Performance

SpaceX (NASDAQ:SPCX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.27) earnings per share (EPS) for the quarter. The company had revenue of $4.69 billion for the quarter.

SpaceX Company Profile

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.