SpaceX (NASDAQ:SPCX) Stock Price Down 9% – What’s Next?

SpaceX (NASDAQ:SPCX)’s share price traded down 9% during mid-day trading on Thursday. The company traded as low as $120.39 and last traded at $123.62. Approximately 168,086,936 shares traded hands during trading, an increase of 62% from the average session volume of 103,600,242 shares. The stock had previously closed at $135.92.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Musk said SpaceX could exceed $500 billion in annual recurring revenue by December 2027, a forecast well above Wall Street expectations. He also pointed to U.S. government contracts as a growing revenue source, helping lift growth sentiment. Article: Musk Says SpaceX Will Hit a Revenue Number That Not One of Its 37 Analysts Believes
• Positive Sentiment: SpaceX’s partnership with Qualcomm to support Starlink Mobile’s planned 5G network offers a potential new telecom growth avenue, with deployment expected to begin in 2027. Article: Can SPCX’s Tie-Up With Qualcomm Strengthen Its Position in the 5G Market?
• Neutral Sentiment: Director Donald Harrison resigned from SpaceX’s board effective November 4. The announcement did not provide a reason, so the immediate business impact is unclear. Article: SpaceX Director Donald Harrison Resigns from Board
• Negative Sentiment: Democratic gains in Congress and Texas raised concerns about scrutiny, permitting and data-center expansion—important to SpaceX’s AI ambitions—and helped drive the recent selloff. Friday’s rebound recouped some of those losses, but the policy uncertainty remains. Article: Why SpaceX Stock Is Up Today
• Negative Sentiment: SpaceX’s wireless ambitions may require substantial spending and face tough competition. Deutsche Telekom’s CEO said building a rival mobile network would require a costly terrestrial footprint, highlighting execution and financing risks alongside the growth opportunity. Article: Deutsche Telekom CEO Says SpaceX Has a Massive Mountain to Climb to Compete in Mobile

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPCX. JPMorgan Chase & Co. upped their price objective on shares of SpaceX from $240.00 to $500.00 and gave the company an “overweight” rating in a research note on Wednesday, October 21st. William Blair restated an “outperform” rating on shares of SpaceX in a report on Friday, October 9th. Susquehanna boosted their target price on SpaceX from $173.00 to $176.00 and gave the stock a “neutral” rating in a report on Wednesday, October 21st. Sanford C. Bernstein set a $267.00 price target on SpaceX in a report on Monday, October 26th. Finally, Oppenheimer lifted their price objective on SpaceX from $250.00 to $280.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 2nd. Four analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, SpaceX has a consensus rating of “Moderate Buy” and an average price target of $243.60.

SpaceX Stock Up 8.6%

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 stock has a 50-day moving average price of $149.18. The stock has a market cap of $1.82 trillion and a PE ratio of 516.42.

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

Insiders Place Their Bets

In related news, COO Gwynne Shotwell sold 342,170 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The stock was 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 directly owned 2,472,035 shares in the company, valued at approximately $379,630,414.95. This represents a 12.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Institutional Investors Weigh In On SpaceX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. MSH Capital Advisors LLC lifted its stake in shares of SpaceX by 334.1% in the 3rd quarter. MSH Capital Advisors LLC now owns 16,888 shares of the company’s stock valued at $2,536,000 after purchasing an additional 12,998 shares during the last quarter. Cornerstone Advisory LLC increased its position in shares of SpaceX by 710.0% during the 3rd quarter. Cornerstone Advisory LLC now owns 22,493 shares of the company’s stock worth $3,393,000 after purchasing an additional 19,716 shares during the last quarter. ACT Capital Partners L.P. acquired a new stake in shares of SpaceX during the 3rd quarter worth about $121,000. Clearwater Capital Advisors LLC purchased a new stake in SpaceX in the 3rd quarter valued at about $3,446,000. Finally, Purkiss Capital Advisors LLC acquired a new position in SpaceX in the third quarter valued at about $255,000.

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.