SpaceX (NASDAQ:SPCX) Stock Price Down 6.8% – Here’s Why

SpaceX (NASDAQ:SPCX) dropped 6.8% during trading on Tuesday . The company traded as low as $148.86 and last traded at $149.47. 78,724,593 shares were traded during trading, a decline of 47% from the average daily volume of 148,789,828 shares. The stock had previously closed at $160.42.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Wall Street overwhelmingly turned bullish on SpaceX, with multiple major firms including Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, UBS, Citi, Wells Fargo, Deutsche Bank, Cantor Fitzgerald, Mizuho, Stifel, Needham, RBC, Raymond James, and others initiating coverage with buy/overweight/outperform calls and high price targets. Article Title
• Positive Sentiment: Bank of America said SpaceX has become a “foundational enabler” of the space economy, while JPMorgan and other analysts highlighted strong long-term growth tied to AI infrastructure, orbital compute, and Starlink. Article Title
• Positive Sentiment: SpaceX’s addition to the Nasdaq-100 is expected to drive forced buying from index funds and retirement accounts, creating a major technical catalyst as passive funds rebalance into the stock. Article Title
• Positive Sentiment: SpaceX also got attention from investors buying the dip, including Cathie Wood’s Ark Invest, and from commentary suggesting the company could benefit from AI-related expansion, including SpaceXAI and orbital data center ambitions. Article Title
• Neutral Sentiment: SpaceX launched 81 satellites and landed its rocket at sea, reinforcing execution in its core launch and Starlink business, but the mission is unlikely to move the stock much on its own. Article Title
• Negative Sentiment: Despite the bullish analyst wave, SpaceX has been under pressure because the Nasdaq-100 inclusion has not produced the immediate boost traders expected, raising “sell-the-news” concerns. Article Title
• Negative Sentiment: Articles also point to a restricted public float, later insider lockup expirations, and the possibility of more supply hitting the market, which could keep volatility high and pressure shares near term. Article Title

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SPCX shares. Bank of America began coverage on SpaceX in a research note on Tuesday. They set a “buy” rating and a $235.00 price target on the stock. Wells Fargo & Company assumed coverage on SpaceX in a research report on Tuesday. They set an “overweight” rating and a $230.00 target price on the stock. Susquehanna started coverage on SpaceX in a report on Tuesday, June 23rd. They issued a “neutral” rating and a $170.00 price target for the company. Cfra began coverage on shares of SpaceX in a report on Friday, June 12th. They set a “sell” rating and a $115.00 price objective on the stock. Finally, Wolfe Research initiated coverage on shares of SpaceX in a research report on Friday, June 12th. They issued an “outperform” rating and a $175.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, SpaceX presently has an average rating of “Moderate Buy” and an average price target of $239.12.

SpaceX Stock Performance

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

Institutional Investors Weigh In On SpaceX

Institutional investors and hedge funds have recently modified their holdings of the stock. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of SpaceX during the 2nd quarter valued at about $566,000. Dogwood Wealth Management LLC purchased a new position in SpaceX in the 2nd quarter worth approximately $139,000. Finally, Burkett Financial Services LLC acquired a new stake in SpaceX in the second quarter valued at approximately $70,000.

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.