SpaceX (NASDAQ:SPCX) Trading Down 7.8% – Time to Sell?

SpaceX (NASDAQ:SPCX) shares fell 7.8% on Wednesday . The stock traded as low as $155.00 and last traded at $157.54. Approximately 106,422,195 shares were traded during trading, a decline of 33% from the average daily volume of 159,186,438 shares. The stock had previously closed at $170.86.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX is set to join the Nasdaq-100 on July 7, which could force index funds to buy shares and boost demand. Several recent pieces argue that this inclusion may be a near-term catalyst for the stock. SpaceX Stock Is Joining the Nasdaq 100 Soon. What History Says Happens Next.
• Positive Sentiment: Wedbush initiated coverage with a bullish view, giving SpaceX a $190 price target and calling it more than just a rocket company, with growth tied to Starlink, launch services, and AI infrastructure. That helped support sentiment around the stock. Dan Ives Just Gave Elon Musk and SpaceX Some Great News
• Positive Sentiment: Analysts cited Starlink’s rapid growth, saying it has captured less than 1% of the global broadband market, suggesting a long runway if SpaceX can keep expanding its satellite network. Dan Ives’ SpaceX Bull Case Comes Down to One Number: Less Than 1%

Wall Street Analysts Forecast Growth

SPCX has been the subject of several research reports. Wells Fargo & Company upgraded SpaceX to an “overweight” rating in a research note on Monday, June 22nd. Morgan Stanley lowered SpaceX to a “negative” rating in a research note on Monday, June 22nd. KeyCorp began coverage on SpaceX in a report on Monday, June 22nd. They issued a “sector weight” rating on the stock. Argus started coverage on shares of SpaceX in a report on Friday, June 26th. They set a “hold” rating for the company. Finally, Susquehanna initiated coverage on shares of SpaceX in a research report on Tuesday, June 23rd. They issued a “neutral” rating and a $170.00 target price for the company. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $205.12.

SpaceX Stock Performance

SpaceX (NASDAQ:SPCX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.27) EPS for the quarter. The firm had revenue of $4.69 billion during the quarter.

Hedge Funds Weigh In On SpaceX

An institutional investor recently bought a new position in SpaceX stock. KERR FINANCIAL PLANNING Corp purchased a new stake in SpaceX (NASDAQ:SPCX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 3,315 shares of the company’s stock, valued at approximately $566,000.

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.