SpaceX (NASDAQ:SPCX) Trading Up 2.6% – Still a Buy?

SpaceX (NASDAQ:SPCX) shares rose 2.6% during mid-day trading on Thursday . The stock traded as high as $118.55 and last traded at $118.24. 73,923,136 shares were traded during trading, a decline of 34% from the average session volume of 112,037,086 shares. The stock had previously closed at $115.26.

SpaceX News Summary

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Investors are looking ahead to SpaceX’s Starship Flight 13 test launch, which could support the stock if the mission goes well and reinforces the company’s launch cadence and cost-reduction story. SpaceX Wants to Punch Down Launch Costs with 13th Starship Test Flight Tonight
• Positive Sentiment: Alphabet disclosed a roughly $94.1 billion stake in SpaceX, a signal that a major strategic investor sees significant value in the company. Google Discloses $94.1 Billion in SpaceX Stock, Marking 6% Stake
• Positive Sentiment: Cathie Wood’s ARK Invest added to its SpaceX position, reinforcing bullish long-term conviction from a well-known growth investor. SPCX, ACHR, HOOD: Cathie Wood Loads Up on SpaceX and Archer, Cuts Robinhood
• Neutral Sentiment: SpaceX’s first public earnings report is due on August 4, which is keeping the stock in focus, but investors are still waiting for hard financial proof that the business can support its valuation. SpaceX Stock Price Forecast — Can Starship’s Next Launch and Q2 Earnings Lift SPCX?
• Neutral Sentiment: SpaceX has also been highlighted for possible orbital data-center and AI infrastructure plans, but those ideas are still speculative and being debated by skeptics. SpaceX plans Texas data center expansion, The Information reports
• Negative Sentiment: Bearish commentary around SpaceX’s valuation, junk debt, and weak post-IPO performance is pressuring sentiment, with several articles warning the stock may have further downside if expectations reset. Peter Schiff Sounds the Alarm on SpaceX’s Junk Debt and SPCX’s Post-IPO Stock Crash
• Negative Sentiment: Another major overhang is the upcoming expiration of insider lock-ups, which could increase share supply and intensify selling pressure. A Lot More SpaceX Shares Are About to Come Onto the Market
• Negative Sentiment: Several reports also note that short sellers are gaining as SpaceX slides from its highs, reflecting broad skepticism about the stock’s near-term path. Short Sellers Gain as SpaceX Stock Slumps. Everyday Investors Are in the Red.

Analyst Ratings Changes

A number of research firms have issued reports on SPCX. Moffett Nathanson started coverage on shares of SpaceX in a research note on Tuesday, July 7th. They set a “neutral” rating and a $131.00 target price for the company. Barclays upgraded shares of SpaceX from an “underweight” rating to an “overweight” rating in a research note on Monday, June 22nd. Susquehanna started coverage on SpaceX in a report on Tuesday, June 23rd. They set a “neutral” rating and a $170.00 price target on the stock. Mizuho initiated coverage on SpaceX in a research report on Tuesday, July 7th. They set an “outperform” rating and a $200.00 price objective for the company. Finally, Daiwa Securities Group started coverage on SpaceX in a research report on Thursday, July 2nd. They issued a “neutral” rating and a $175.00 target price on the stock. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, SpaceX has an average rating of “Moderate Buy” and an average target price of $234.78.

SpaceX Trading Up 2.6%

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

Institutional Trading of SpaceX

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