SpaceX (NASDAQ:SPCX) Sees Significant Growth in Short Interest

SpaceX (NASDAQ:SPCX) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 23,341,117 shares, a growth of ∞ from the May 31st total of 0 shares. Based on an average trading volume of 69,191,993 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.2% of the company’s stock are sold short.

SpaceX News Roundup

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 billions of dollars in index-fund buying and create a strong technical tailwind for the stock. SpaceX Achieves Escape Velocity With Nasdaq Fast-Track
• Positive Sentiment: Reports that SpaceX may be discussing a wireless partnership with Charter are fueling optimism that Starlink could expand into consumer mobile services and deepen its competitive moat. SpaceX Might Bring Mobile Phone to Market, and Verizon, AT&T, and T-Mobile Are Down
• Neutral Sentiment: SpaceX also drew attention after raising $25 billion in debt, which confirms strong investor demand but highlights that the company is still funding big growth with leverage rather than profits. SpaceX Just Raised $25 Billion in a Debt Sale. Here’s What That Means for Investors.
• Neutral Sentiment: Some analysts are warning that SpaceX’s valuation is stretched and that the stock could remain volatile, especially with a lock-up expiration approaching in August. SpaceX (SPCX) Faces Valuation Test as Argus Initiates Coverage With Hold
• Negative Sentiment: Bearish commentary continues to build around SpaceX’s lack of profitability and large debt load, with some articles arguing the company may not generate positive free cash flow until 2029. SpaceX Won’t Be Free-Cash-Flow Positive Until 2029 and It’s Already Taking on $25 Billion in Debt.

Insider Transactions at SpaceX

In other SpaceX news, CEO Elon Musk sold 11,390 shares of the business’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $105.32, for a total value of $1,199,594.80. Following the transaction, the chief executive officer owned 526,165,900 shares in the company, valued at $55,415,792,588. The trade was a 0.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SPCX shares. Susquehanna initiated coverage on SpaceX in a research report on Tuesday, June 23rd. They issued a “neutral” rating and a $170.00 price target for the company. Wells Fargo & Company raised SpaceX to an “overweight” rating in a research report on Monday, June 22nd. Cfra started coverage on shares of SpaceX in a research report on Friday, June 12th. They issued a “sell” rating and a $115.00 price target on the stock. Seaport Research Partners raised shares of SpaceX to a “buy” rating in a report on Monday, June 22nd. Finally, Morgan Stanley downgraded shares of SpaceX to a “negative” rating in a report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $209.43.

SpaceX Stock Up 4.1%

SPCX stock traded up $6.67 on Tuesday, reaching $170.86. 80,836,169 shares of the company were exchanged, compared to its average volume of 164,069,313. SpaceX has a 12 month low of $147.11 and a 12 month high of $225.64.

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

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.