Wells Fargo & Company Cuts SpaceX (NASDAQ:SPCX) Price Target to $212.00

SpaceX (NASDAQ:SPCX) had its price objective lowered by Wells Fargo & Company from $215.00 to $212.00 in a research note released on Tuesday, Marketbeat Ratings reports. Wells Fargo & Company currently has an overweight rating on the stock.

SPCX has been the topic of a number of other research reports. KeyCorp reiterated a “sector weight” rating on shares of SpaceX in a research report on Tuesday, July 28th. Argus raised shares of SpaceX from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a report on Friday, August 7th. Royal Bank Of Canada lowered shares of SpaceX from an “outperform” rating to a “hold” rating in a report on Friday, August 7th. Benchmark assumed coverage on shares of SpaceX in a research report on Monday, June 22nd. They set a “buy” rating for the company. Finally, Oppenheimer increased their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, eight have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, SpaceX presently has an average rating of “Moderate Buy” and an average target price of $221.06.

SpaceX Price Performance

Shares of SPCX opened at $148.18 on Tuesday. SpaceX has a one year low of $104.83 and a one year high of $225.64. The firm has a market capitalization of $1.94 trillion and a P/E ratio of -1,646.44. The company has a current ratio of 5.12, a quick ratio of 4.99 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average price is $135.01.

SpaceX (NASDAQ:SPCX) last issued its earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.17. The business had revenue of $7.81 billion during the quarter. The business’s quarterly revenue was up 91.9% on a year-over-year basis. On average, analysts expect that SpaceX will post -0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SpaceX

Hedge funds have recently added to or reduced their stakes in the business. Syntax Research Inc. acquired a new position in SpaceX in the 2nd quarter valued at approximately $26,000. Atwood & Palmer Inc. acquired a new position in shares of SpaceX during the second quarter worth $29,000. PayPay Securities Corp bought a new stake in shares of SpaceX in the second quarter worth $30,000. Marquette Asset Management LLC bought a new stake in shares of SpaceX in the second quarter worth $32,000. Finally, Community Bank N.A. acquired a new stake in SpaceX in the second quarter valued at $38,000.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: UK Starshield contract: Britain is reportedly spending nearly $40 million on SpaceX satellite services, providing validation for the Starshield defense business and a potential source of recurring international revenue. SpaceX Stock Rises as Britain Spends Nearly $40M on Satellite Services
• Positive Sentiment: Successful government launch: SpaceX launched a U.S. Space Force mission from California, reinforcing its launch reliability and defense-contract credentials. SpaceX Launches Space Force Mission in California
• Positive Sentiment: Starlink product upgrade: A fourth-generation router featuring Wi-Fi 7, broader coverage and support for more connected devices could improve Starlink’s consumer competitiveness and average revenue per user. SpaceX Gives Starlink a Major Wi-Fi Upgrade
• Positive Sentiment: Analyst and institutional support: Pivotal Research initiated coverage with a Buy rating and a $220 target, while Third Point reported acquiring roughly $31 million of SpaceX shares after the IPO. Billionaire Investor Added SpaceX to His Portfolio
• Neutral Sentiment: Data-center strategy shift: Reports that SpaceX may slow or redesign its AI data-center expansion could reduce near-term spending and execution risk, but may also delay projected AI revenue growth. SpaceX Shifting Gears With Data Center Buildout
• Negative Sentiment: Valuation remains a concern: Commentary highlighting a valuation near 98 times sales and recent analyst caution is limiting enthusiasm, especially while SpaceX continues investing heavily in AI infrastructure. SpaceX Trades at 98 Times Sales
• Negative Sentiment: Share-supply and transparency overhangs: Recent lockup expirations have made hundreds of millions of shares eligible for sale, while SpaceX is suing to keep Texas Terafab tax-break records private. Both developments can increase selling pressure or investor scrutiny. SpaceX Sues to Block Release of Terafab Tax-Break Records

About SpaceX

Space Exploration Technologies Corp. (SpaceX) is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles, spacecraft and satellite systems, serving commercial, government and scientific customers.

SpaceX’s principal products include the Falcon 9 and Falcon Heavy rockets, which are used to launch satellites, spacecraft and other payloads into orbit. The company also develops the Dragon spacecraft, which supports cargo and crew missions to low Earth orbit, including missions for NASA and other customers.

Through its Starlink business, SpaceX operates a large constellation of low Earth orbit satellites that provides broadband internet service to customers in numerous countries and regions.