SpaceX (NASDAQ:SPCX) Trading Down 5.4% – Here’s Why

Shares of SpaceX (NASDAQ:SPCX) dropped 5.4% during mid-day trading on Friday . The stock traded as low as $122.12 and last traded at $123.99. Approximately 83,019,215 shares were traded during trading, a decline of 30% from the average session volume of 118,312,156 shares. The stock had previously closed at $131.11.

SpaceX News Summary

Here are the key news stories impacting SpaceX this week:

• Negative Sentiment: The Starship launch abort raised doubts about near-term technical progress and added pressure to the stock. SpaceX Starship rocket aborts before liftoff in 13th flight test attempt
• Negative Sentiment: Short sellers have increased bets against SpaceX, with reports showing billions in paper profits as the shares slid below IPO price. Short sellers rack up $8.7 bln profit as SpaceX slips below IPO price -Ortex
• Negative Sentiment: The stock has also been pressured by concerns about insider lockup expiration and questions over whether the current valuation is justified. SpaceX Is ‘Coming Back Down to Earth,’ Peter Schiff Warns Ahead of Insider Lockup Expiry

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SPCX shares. Arete Research set a $401.00 target price on shares of SpaceX and gave the stock a “buy” rating in a research note on Thursday, June 18th. Piper Sandler began coverage on SpaceX in a research note on Wednesday. They issued a “neutral” rating and a $156.00 price target on the stock. Argus assumed coverage on SpaceX in a research report on Friday, June 26th. They set a “hold” rating for the company. Benchmark assumed coverage on SpaceX in a research report on Monday, June 22nd. They issued a “buy” rating on the stock. Finally, Citigroup assumed coverage on SpaceX in a research report on Tuesday, July 7th. They set a “buy” rating and a $200.00 price target for the company. Four investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $234.78.

SpaceX Trading Down 5.4%

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

Hedge Funds Weigh In On SpaceX

Institutional investors have recently bought and sold shares of the business. Atwood & Palmer Inc. acquired a new stake in shares of SpaceX in the second quarter valued at approximately $29,000. Marquette Asset Management LLC bought a new position in shares of SpaceX during the 2nd quarter worth approximately $32,000. Burkett Financial Services LLC acquired a new position in shares of SpaceX during the 2nd quarter worth approximately $70,000. Contravisory Investment Management Inc. bought a new stake in SpaceX in the 2nd quarter valued at $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in SpaceX in the 2nd quarter valued at $89,000.

SpaceX Company Profile

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.