SpaceX (NASDAQ:SPCX) Stock Price Up 4.2% Following Analyst Upgrade

SpaceX (NASDAQ:SPCX)’s stock price was up 4.2% during mid-day trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $139.26 and last traded at $138.74. 167,662,407 shares were traded during mid-day trading, an increase of 46% from the average daily volume of 115,034,031 shares. The stock had previously closed at $133.11.

Other equities analysts also recently issued research reports about the company. Moffett Nathanson assumed coverage on SpaceX in a research report on Tuesday, July 7th. They set a “neutral” rating and a $131.00 price target on the stock. Raymond James Financial downgraded SpaceX from a “strong-buy” rating to a “strong sell” rating in a research note on Friday. Evercore assumed coverage on SpaceX in a research report on Tuesday, July 14th. They set an “outperform” rating and a $230.00 target price on the stock. Sanford C. Bernstein set a $248.00 price target on shares of SpaceX in a report on Thursday. Finally, Benchmark assumed coverage on shares of SpaceX in a research report on Monday, June 22nd. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $227.31.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX’s first public earnings report showed revenue of $7.81 billion, up 91.9% year over year, while its $0.09-per-share loss was narrower than analysts expected. The results helped restore confidence after the post-earnings selloff. SpaceX stock rebounds to near $135 IPO price
• Positive Sentiment: The release of more than 900 million shares on August 6 did not trigger the sharp selling many investors feared. The stock’s resilience has eased a major technical overhang and contributed to its recent rally. Another potential unlock is reportedly scheduled for August 20. SpaceX Stock Jumps Again After Lock-Up Rally
• Positive Sentiment: ARK Invest bought approximately $13.2 million of SpaceX shares after the earnings-related decline. Cathie Wood’s view is that investors are underestimating SpaceX’s long-term opportunity in Starlink, artificial intelligence and space-based infrastructure. Why Cathie Wood is piling into SpaceX stock
• Positive Sentiment: A Falcon 9 booster is scheduled to conduct its 18th flight while deploying Starlink satellites, highlighting SpaceX’s launch cadence and reusable-rocket advantage. SpaceX Will Fly the Same Falcon 9 Booster for an 18th Time
• Neutral Sentiment: Retail investors became net sellers for the first time since the June IPO, selling roughly $4.5 million of shares. The amount is modest, but the shift bears watching after the recent rally. Retail investors sold SpaceX shares for first time
• Negative Sentiment: Bears argue that SpaceX’s valuation already assumes successful execution of ambitious AI, Starlink and space-data-center plans. Capital expenditures reached $18.4 billion in the quarter, and the company remains loss-making, increasing the risk of renewed volatility. Veteran Investor Calls SpaceX a Highly Speculative Game

Institutional Trading of SpaceX

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hyperion Asset Management Ltd acquired a new stake in shares of SpaceX in the 2nd quarter valued at $201,137,000. Tema ETFs LLC acquired a new position in SpaceX during the second quarter worth $32,037,000. Teamwork Financial Advisors LLC bought a new position in SpaceX during the second quarter valued at about $8,027,000. Heck Capital Advisors LLC acquired a new stake in shares of SpaceX in the second quarter worth about $3,768,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in shares of SpaceX during the 2nd quarter worth about $3,383,000.

SpaceX Stock Performance

The company has a quick ratio of 4.99, a current ratio of 5.12 and a debt-to-equity ratio of 0.29. The company has a 50 day moving average price of $143.35.

SpaceX (NASDAQ:SPCX) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion for the quarter. The company’s revenue was up 91.9% compared to the same quarter last year. On average, research analysts expect that SpaceX will post -0.11 earnings per share for the current year.

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.