SpaceX (NASDAQ:SPCX) Reaches New 1-Year Low – What’s Next?

Shares of SpaceX (NASDAQ:SPCX) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $120.26 and last traded at $122.3410, with a volume of 15526393 shares changing hands. The stock had previously closed at $123.99.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Wall Street analysts remain broadly bullish ahead of SpaceX’s first public-company earnings report on Aug. 4, with several firms reiterating constructive views and high price targets. Wall Street analysts update SpaceX stock price ahead of earnings
• Positive Sentiment: The upcoming Aug. 4 earnings release is a major near-term catalyst, and investors are positioning for the company’s first earnings call since the IPO. SpaceX Hosts First Earnings Call Since Its IPO. Is SpaceX a Buy Ahead of the Aug. 4 Earnings Release?
• Positive Sentiment: Some market commentary points to SpaceX as a long-term infrastructure and AI play, which has helped support dip-buying interest after the recent selloff. SpaceX shares rebound and jump 6% as Macquarie urges investors to buy the dip
• Neutral Sentiment: Elon Musk denied a report that Foxconn won a $52 billion SpaceX AI server deal, which removes a potential bullish catalyst but also avoids validating an overhyped rumor. Elon Musk Denies Report Claiming Foxconn Won $52 Billion SpaceX AI Server Deal
• Negative Sentiment: Investors remain wary of upcoming share unlocks and insider selling risk, which could pressure the stock after earnings. SpaceX faces massive share unlocks as investors brace for insider selling
• Negative Sentiment: Recent articles also highlight that SpaceX is still trading below its IPO price and well off its post-IPO peak, reflecting continued concern about valuation and execution. SpaceX Is Down 20%: Here’s Why I’m Still Not Buying

Analysts Set New Price Targets

SPCX has been the subject of a number of recent research reports. Canaccord Genuity Group began coverage on SpaceX in a research report on Tuesday, July 7th. They set a “buy” rating and a $246.00 price objective for the company. TD Cowen began coverage on SpaceX in a report on Monday, June 22nd. They issued a “buy” rating on the stock. New Street Research upgraded SpaceX to a “strong-buy” rating in a research note on Thursday, June 11th. Evercore began coverage on SpaceX in a report on Tuesday, July 14th. They set an “outperform” rating and a $230.00 price target for the company. Finally, Argus initiated coverage on shares of SpaceX in a research report on Friday, June 26th. They issued a “hold” rating on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $234.78.

SpaceX Stock Up 3.1%

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

Institutional Investors Weigh In On SpaceX

A number of hedge funds and other institutional investors have recently bought and sold shares of SPCX. Atwood & Palmer Inc. acquired a new position in shares of SpaceX during the 2nd quarter worth $29,000. Marquette Asset Management LLC purchased a new stake in SpaceX during the second quarter worth about $32,000. Burkett Financial Services LLC acquired a new position in SpaceX during the second quarter worth about $70,000. Contravisory Investment Management Inc. purchased a new position in SpaceX in the second quarter valued at about $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in SpaceX in the second quarter valued at about $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.