First Trust Capital Management L.P. Makes New Investment in SpaceX $SPCX

First Trust Capital Management L.P. acquired a new stake in shares of SpaceX (NASDAQ:SPCX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,533,950 shares of the company’s stock, valued at approximately $533,132,000. SpaceX comprises about 25.6% of First Trust Capital Management L.P.’s investment portfolio, making the stock its largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SPCX. Alphabet Inc. increased its position in SpaceX by 0.7% in the 3rd quarter. Alphabet Inc. now owns 555,043,560 shares of the company’s stock worth $83,733,871,000 after purchasing an additional 3,854,060 shares during the last quarter. SC US Ttgp LTD. acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $20,933,621,000. Darsana Capital Partners LP acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $17,335,783,000. K5 Global Advisor LLC acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $6,587,531,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of SpaceX in the 3rd quarter valued at approximately $4,224,143,000.

Insider Buying and Selling at SpaceX

In related news, COO Gwynne Shotwell sold 342,170 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief operating officer directly owned 2,472,035 shares in the company, valued at approximately $379,630,414.95. The trade was a 12.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SpaceX Price Performance

NASDAQ SPCX opened at $139.94 on Friday. SpaceX has a fifty-two week low of $104.83 and a fifty-two week high of $225.64. The company’s 50-day moving average is $149.12. The company has a market capitalization of $1.90 trillion and a price-to-earnings ratio of 538.23. The company has a current ratio of 3.08, a quick ratio of 3.00 and a debt-to-equity ratio of 0.20.

SpaceX (NASDAQ:SPCX) last released its quarterly earnings results on Tuesday, October 20th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.25. The company had revenue of $14.57 billion during the quarter. SpaceX had a negative return on equity of 3.24% and a negative net margin of 8.61%. The business’s revenue was up 161.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.36) EPS. On average, equities analysts expect that SpaceX will post 0.22 EPS for the current year.

Key Stories Impacting SpaceX

These are some of the SPCX stories that stood out recently:

• Positive Sentiment: SpaceX plans to invest more than $74 billion in supercomputing campuses in Texas and Arizona—about $24 billion in Texas and $50 billion in Arizona. The projects could expand its AI infrastructure capacity and support a major growth area. Reuters article
• Positive Sentiment: Investors are also responding to speculation that former Nvidia CEO Jensen Huang could join SpaceX after Elon Musk said hiring him “would be an honor.” A move could bolster the company’s AI ambitions, but no hiring decision has been announced. Benzinga article
• Negative Sentiment: The data-center plans require enormous spending and face local approval and infrastructure questions. Analysts have also cautioned that SpaceX will need to work with Texas officials after recent election results to advance its projects, leaving timing and execution risks. Benzinga article

Analysts Set New Price Targets

A number of equities analysts recently commented on SPCX shares. Royal Bank Of Canada restated an “outperform” rating on shares of SpaceX in a report on Monday, October 19th. Weiss Ratings initiated coverage on shares of SpaceX in a research report on Tuesday, September 1st. They set a “sell (d)” rating on the stock. Pivotal Research lifted their target price on shares of SpaceX from $230.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Cantor Fitzgerald boosted their target price on shares of SpaceX from $246.00 to $345.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 20th. Finally, JPMorgan Chase & Co. increased their price target on shares of SpaceX from $240.00 to $500.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 21st. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, SpaceX has an average rating of “Moderate Buy” and an average target price of $243.60.

SpaceX Profile

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.