SpaceX (NASDAQ:SPCX) Trading Down 3.3% – Here’s Why

Shares of SpaceX (NASDAQ:SPCX) dropped 3.3% during trading on Thursday . The company traded as low as $139.76 and last traded at $141.29. Approximately 119,301,689 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 116,298,023 shares. The stock had previously closed at $146.15.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX completed its previously announced $60 billion all-stock acquisition of Cursor, strengthening its AI strategy and providing access to coding technology, enterprise customers and potential synergies with Grok and the Colossus supercomputer. SpaceX Closes $60 Billion Cursor Buyout Deal
• Positive Sentiment: Elon Musk disclosed a 48.4% SpaceX stake valued at more than $900 billion at current market prices. The large insider holding may reinforce investor confidence, although portions of the stake reportedly remain subject to vesting conditions. Musk Discloses 48.4% Stake in SpaceX
• Positive Sentiment: Analysts remain bullish on the AI opportunity: Morgan Stanley reiterated a Buy rating and a $300 price target, while Mizuho maintained an Outperform rating. Investors are also watching plans to expand AI capacity and Musk’s forecast that AI could soon become SpaceX’s largest revenue contributor. Morgan Stanley Reiterates Buy on SpaceX
• Positive Sentiment: Starship could attempt to catch a returning upper stage at the launch tower this month, a milestone that could improve the economics and scalability of SpaceX’s launch business if regulators approve the flight. Starlink has also begun accepting orders in Vietnam, expanding its international connectivity footprint. SpaceX Plans Starship Catch Attempt
• Neutral Sentiment: SpaceX’s latest quarterly results showed approximately 92% year-over-year revenue growth to $7.8 billion and an earnings beat, but the company remains GAAP-loss-making and is committing heavily to AI infrastructure.
• Negative Sentiment: About 320 million additional shares are expected to become eligible for trading on August 20. The upcoming second share unlock could increase selling pressure and is the main near-term overhang after the stock gained roughly 22% following the first release. Why SpaceX Stock Is Sliding Ahead of the Second Unlock
• Negative Sentiment: Investors remain concerned about substantial capital spending, cash burn, customer concentration and competition in reusable rockets and satellite connectivity. These risks make SPCX difficult to value despite its strong growth prospects.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SPCX shares. Royal Bank Of Canada cut SpaceX from an “outperform” rating to a “hold” rating in a report on Friday, August 7th. Clear Str raised shares of SpaceX to a “strong-buy” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. started coverage on shares of SpaceX in a research note on Tuesday, July 7th. They set an “overweight” rating and a $225.00 target price on the stock. Susquehanna cut SpaceX from a “neutral” rating to an “underperform” rating in a research note on Friday, August 7th. Finally, Stifel Nicolaus initiated coverage on SpaceX in a research report on Tuesday, July 7th. They set a “buy” rating and a $190.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, eight have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $229.00.

SpaceX Trading Down 0.9%

The company has a market cap of $1.83 trillion and a PE ratio of -1,555.56. The company’s 50-day moving average price is $142.98. The company has a current ratio of 5.12, a quick ratio of 4.99 and a debt-to-equity ratio of 0.29.

SpaceX (NASDAQ:SPCX) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.17. The company had revenue of $7.81 billion during the quarter. The company’s revenue for the quarter was up 91.9% compared to the same quarter last year. As a group, equities analysts expect that SpaceX will post -0.15 earnings per share for the current year.

Institutional Trading of SpaceX

Large investors have recently bought and sold shares of the business. Hyperion Asset Management Ltd bought a new position in shares of SpaceX in the 2nd quarter worth about $201,137,000. Tema ETFs LLC acquired a new stake in SpaceX during the second quarter worth approximately $32,037,000. Teamwork Financial Advisors LLC bought a new stake in shares of SpaceX in the 2nd quarter valued at $8,027,000. Heck Capital Advisors LLC bought a new stake in SpaceX in the second quarter valued at $3,768,000. Finally, Dynamic Advisor Solutions LLC acquired a new position in shares of SpaceX during the second quarter valued at about $3,383,000.

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.