SpaceX (NASDAQ:SPCX) Trading Up 7.2% – Time to Buy?

SpaceX (NASDAQ:SPCX)’s stock price rose 7.2% during trading on Monday . The stock traded as high as $166.17 and last traded at $164.19. 79,927,012 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 171,237,406 shares. The stock had previously closed at $153.23.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Nasdaq will add SpaceX to the Nasdaq-100 on July 7, likely triggering large passive-index buying and boosting near-term demand. Article Title
• Positive Sentiment: Reports that SpaceX is in talks with Charter Communications could open a path for Starlink Mobile and support a broader telecom expansion strategy. Article Title
• Neutral Sentiment: Articles highlighted Cathie Wood’s Ark Venture Fund and other indirect holders, underscoring continued investor interest in SpaceX, but not changing the company’s fundamentals directly. Article Title
• Negative Sentiment: Several commentators warned SpaceX’s valuation looks stretched, with one top investor calling it “bubblicious” despite Starlink’s growth potential. Article Title
• Negative Sentiment: Investors are also worried about lock-up expirations and a potential wave of insider selling later this summer, which could weigh on the share price. Article Title

Analyst Upgrades and Downgrades

SPCX has been the topic of several analyst reports. New Street Research upgraded SpaceX to a “strong-buy” rating in a research report on Thursday, June 11th. KGI Securities cut SpaceX from an “outperform” rating to a “hold” rating in a research report on Monday, June 22nd. Argus began coverage on SpaceX in a research note on Friday. They issued a “hold” rating on the stock. Morgan Stanley downgraded SpaceX to a “negative” rating in a research note on Monday, June 22nd. Finally, Benchmark started coverage on shares of SpaceX in a report on Monday, June 22nd. They issued a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.67.

SpaceX Price Performance

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

Insider Buying and Selling at SpaceX

In related news, CEO Elon Musk sold 11,390 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $105.32, for a total value of $1,199,594.80. Following the sale, the chief executive officer owned 526,165,900 shares in the company, valued at approximately $55,415,792,588. The trade was a 0.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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.