SpaceX (NASDAQ:SPCX) Stock Price Down 7.8% – Time to Sell?

SpaceX (NASDAQ:SPCX) fell 7.8% during trading on Wednesday . The company traded as low as $155.00 and last traded at $157.54. Approximately 106,422,195 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 159,186,438 shares. The stock had previously closed at $170.86.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Wedbush launched coverage of SpaceX (SPCX) with a Buy rating and $190 target, citing upside from Starlink, launch services, and AI-related businesses. SpaceX Stock Gets Buy Rating From a Tesla Bull Who Knows The Biggest Risk
• Positive Sentiment: SpaceX (SPCX) is headed into the Nasdaq-100 on July 7, a move expected to bring large passive inflows from index funds and ETFs. SpaceX Achieves Escape Velocity With Nasdaq Fast-Track
• Positive Sentiment: Dan Ives said SpaceX (SPCX) may be one of the best AI plays because of its demand flywheel and expanding AI infrastructure ambitions. Dan Ives Says SpaceX’s Demand Flywheel is Just Getting Started

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Seaport Research Partners raised SpaceX to a “buy” rating in a research note on Monday, June 22nd. Cfra began coverage on shares of SpaceX in a research report on Friday, June 12th. They set a “sell” rating and a $115.00 target price for the company. Wall Street Zen upgraded shares of SpaceX to a “sell” rating in a report on Saturday, June 20th. KGI Securities lowered shares of SpaceX from an “outperform” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.43.

SpaceX Stock Down 7.8%

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 for the quarter.

Insider Buying and Selling at SpaceX

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

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.