SpaceX (NASDAQ:SPCX) Stock Price Down 3.8% – Here’s Why

Shares of SpaceX (NASDAQ:SPCX) were down 3.8% during trading on Wednesday. The stock traded as low as $133.14 and last traded at $135.92. Approximately 134,424,851 shares were traded during mid-day trading, an increase of 31% from the average session volume of 102,916,867 shares. The stock had previously closed at $141.31.

More SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX selected Qualcomm to supply 5G infrastructure for its planned U.S. Starlink Mobile network, supporting its expansion into cellular service. SpaceX signs deal with Qualcomm to provide network technology for U.S. mobile service
• Positive Sentiment: Recent quarterly results showed 161% year-over-year revenue growth and a return to quarterly profitability, fueled by Starlink and rapid growth in its AI business. SpaceX Just Delivered a Monster Quarter
• Neutral Sentiment: The election results also raise uncertainty around a potential SpaceX-Tesla merger, which could face greater scrutiny and take longer to complete. A SpaceX-Tesla Merger Seems Inevitable. Here are 3 Things That Could Get in the Way
• Negative Sentiment: Democratic gains in Congress and key state races have investors concerned that tougher oversight or restrictions could slow data-center construction and complicate Musk’s AI expansion plans. Tesla and SpaceX shares slide as Musk’s political push falls flat
• Negative Sentiment: Investors are also questioning whether heavy AI-computing investment will generate adequate returns soon; high capital needs and SpaceX’s rich valuation add to the risk. SpaceX Stock Can Get a Lift From the Anthropic IPO, but SPCX Remains Unappealing

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Pivotal Research raised their target price on shares of SpaceX from $230.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Yorkville Ives began coverage on shares of SpaceX in a research note on Tuesday, October 6th. They issued an “outperform” rating and a $225.00 price target on the stock. Stifel Nicolaus started coverage on shares of SpaceX in a report on Tuesday, July 7th. They set a “buy” rating and a $190.00 price objective for the company. TD Cowen raised their price objective on SpaceX from $200.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, JPMorgan Chase & Co. lifted their target price on SpaceX from $240.00 to $500.00 and gave the stock an “overweight” rating in a report on Wednesday, October 21st. Four equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $244.97.

SpaceX Stock Down 3.9%

The firm’s fifty day simple moving average is $149.68. The company has a quick ratio of 3.00, a current ratio of 3.08 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $1.84 trillion and a PE ratio of 522.42.

SpaceX (NASDAQ:SPCX) last released its quarterly earnings results on Tuesday, October 20th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.25. SpaceX had a negative net margin of 8.61% and a negative return on equity of 3.24%. The company had revenue of $14.57 billion for the quarter. During the same period in the previous year, the company earned ($0.36) EPS. SpaceX’s revenue for the quarter was up 161.4% compared to the same quarter last year. Sell-side analysts expect that SpaceX will post 0.19 EPS for the current fiscal year.

Insider Activity

In other news, COO Gwynne Shotwell sold 342,170 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $153.57, for a total transaction of $52,547,046.90. Following the sale, the chief operating officer directly owned 2,472,035 shares in the company, valued at approximately $379,630,414.95. This represents a 12.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Institutional Investors Weigh In On SpaceX

Large investors have recently added to or reduced their stakes in the stock. SC US Ttgp LTD. purchased a new stake in shares of SpaceX in the second quarter worth about $20,933,621,000. Darsana Capital Partners LP purchased a new position in SpaceX during the second quarter valued at approximately $17,335,783,000. K5 Global Advisor LLC purchased a new position in SpaceX during the second quarter valued at approximately $6,587,531,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in SpaceX in the third quarter valued at approximately $4,224,143,000. Finally, Thrive Capital Management LLC acquired a new position in SpaceX in the second quarter valued at approximately $3,231,681,000.

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.