SpaceX (NASDAQ:SPCX) Stock Price Down 2.3% – Here’s What Happened

SpaceX (NASDAQ:SPCX)’s share price was down 2.3% during mid-day trading on Wednesday. The stock traded as low as $138.62 and last traded at $139.75. Approximately 111,389,462 shares traded hands during trading, an increase of 7% from the average session volume of 103,691,758 shares. The stock had previously closed at $143.09.

SpaceX News Roundup

These are some of the SPCX news items that stood out recently:

• Neutral Sentiment: Friday’s Starship Flight 15 will attempt to catch both rocket stages with the launch tower—a milestone for reusability if successful, but an unproven maneuver that could be delayed by a failure. Nov. 13 Could Be a Huge Day for SpaceX Stock
• Negative Sentiment: A court ruled that a sexual-harassment case against SpaceX can proceed, keeping litigation and reputational risks in focus. Court Rules That Sexual Harassment Case Against SpaceX Can Proceed
• Negative Sentiment: Starlink speeds are facing scrutiny, while concerns about SpaceX’s costly AI expansion, potential regulation and high valuation may limit enthusiasm despite its growth prospects. SpaceX stock slips ahead of Starship test as Starlink speeds face scrutiny

Analyst Ratings Changes

A number of analysts recently weighed in on SPCX shares. Moffett Nathanson increased their price target on shares of SpaceX from $131.00 to $142.00 and gave the company a “neutral” rating in a research report on Monday, September 14th. Oppenheimer upped their target price on shares of SpaceX from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, September 2nd. Piper Sandler reiterated a “neutral” rating on shares of SpaceX in a report on Wednesday, October 21st. Royal Bank Of Canada reissued an “outperform” rating on shares of SpaceX in a report on Monday, October 19th. Finally, Bank of America upped their price objective on shares of SpaceX from $235.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, October 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $243.60.

SpaceX Price Performance

The company has a 50-day simple moving average of $149.18. The company has a current ratio of 3.08, a quick ratio of 3.00 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $1.90 trillion and a P/E ratio of 537.50.

SpaceX (NASDAQ:SPCX) last posted its quarterly earnings data on Tuesday, October 20th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.10 by $0.25. The business had revenue of $14.57 billion for the quarter. SpaceX had a negative net margin of 8.61% and a negative return on equity of 3.24%. The company’s revenue was up 161.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.36) earnings per share. On average, equities research analysts predict that SpaceX will post 0.19 EPS for the current year.

Insider Activity

In other news, COO Gwynne Shotwell sold 342,170 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $153.57, for a total value of $52,547,046.90. Following the sale, the chief operating officer directly owned 2,472,035 shares in the company, valued at $379,630,414.95. The trade was a 12.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Institutional Investors Weigh In On SpaceX

Institutional investors have recently bought and sold shares of the company. James T. Borello RIA grew its stake in shares of SpaceX by 41.4% during the 3rd quarter. James T. Borello RIA now owns 246 shares of the company’s stock worth $37,000 after acquiring an additional 72 shares in the last quarter. Oakworth Capital Inc. boosted its holdings in SpaceX by 17.8% during the third quarter. Oakworth Capital Inc. now owns 483 shares of the company’s stock worth $73,000 after purchasing an additional 73 shares during the last quarter. Meramec Financial Planners LLC grew its position in SpaceX by 83.5% in the third quarter. Meramec Financial Planners LLC now owns 189 shares of the company’s stock valued at $29,000 after purchasing an additional 86 shares in the last quarter. Drive Wealth Management LLC grew its position in SpaceX by 5.5% in the third quarter. Drive Wealth Management LLC now owns 1,776 shares of the company’s stock valued at $268,000 after purchasing an additional 93 shares in the last quarter. Finally, Fonville Wealth Management LLC increased its stake in SpaceX by 3.8% in the 3rd quarter. Fonville Wealth Management LLC now owns 2,719 shares of the company’s stock valued at $410,000 after buying an additional 99 shares during the last quarter.

About SpaceX

Space Exploration Technologies Corp., commonly known as SpaceX, is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles and spacecraft designed to reduce the cost of access to space and support commercial, government and scientific missions. SpaceX’s principal products and services include the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starlink satellite communications network. Falcon rockets are used to launch satellites, cargo and crew, while Dragon spacecraft support transportation to and from low Earth orbit.