SpaceX (NASDAQ:SPCX) Raised to Hold at Piper Sandler

SpaceX (NASDAQ:SPCX) was upgraded by analysts at Piper Sandler to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Bank of America initiated coverage on shares of SpaceX in a research note on Tuesday, July 7th. They set a “buy” rating and a $235.00 price target on the stock. Cantor Fitzgerald initiated coverage on shares of SpaceX in a research report on Tuesday, July 7th. They set an “overweight” rating and a $246.00 target price on the stock. Citigroup started coverage on shares of SpaceX in a research report on Tuesday, July 7th. They issued a “buy” rating and a $200.00 price target for the company. Susquehanna assumed coverage on shares of SpaceX in a research note on Tuesday, June 23rd. They set a “neutral” rating and a $170.00 price target for the company. Finally, Canaccord Genuity Group assumed coverage on SpaceX in a research note on Tuesday, July 7th. They issued a “buy” rating and a $246.00 price objective on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, SpaceX currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.78.

SpaceX Stock Down 3.1%

Shares of SPCX opened at $131.11 on Wednesday. SpaceX has a 52 week low of $130.74 and a 52 week high of $225.64.

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

Institutional Investors Weigh In On SpaceX

A number of hedge funds have recently made changes to their positions in the company. KERR FINANCIAL PLANNING Corp bought a new position in SpaceX during the 2nd quarter valued at about $566,000. Burkett Financial Services LLC bought a new stake in SpaceX during the second quarter worth about $70,000. Dogwood Wealth Management LLC bought a new stake in SpaceX during the second quarter worth about $139,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of SpaceX during the second quarter worth approximately $3,383,000. Finally, Apella Capital LLC bought a new position in shares of SpaceX in the second quarter valued at approximately $452,000.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Several Wall Street firms remain constructive, with analysts from Morgan Stanley, Evercore, Needham, and Raymond James reiterating or raising bullish price targets on the back of SpaceX’s long-term launch, Starlink, and AI-related growth potential.
• Positive Sentiment: Cathie Wood’s ARK Invest bought more SpaceX shares ahead of the Starship test, signaling that some prominent investors see the recent weakness as a buying opportunity.
• Positive Sentiment: SpaceX is still getting attention for future growth catalysts, including Starship Flight 13, expanded Starlink adoption, and plans for AI compute satellites and other space-based infrastructure.
• Neutral Sentiment: The company’s Starship test was aborted before liftoff after ignition/at the last second, which delays a key near-term catalyst but does not indicate a failure in the program itself. SpaceX suddenly aborts second Starship V3 launch after ignition
• Neutral Sentiment: Commentary around SpaceX becoming the most shorted new stock and short sellers earning billions reflects heavy bearish positioning, but also highlights that the stock is now a major battleground between bulls and bears. Short sellers rack up $8.7 bln profit as SpaceX slips below IPO price -Ortex
• Negative Sentiment: SpaceX’s break below its IPO price has been widely viewed as a sign that the debut rally is fading, and the stock is now trading more like a volatile momentum name than a newly listed growth story.
• Negative Sentiment: Investor concern is also being fueled by articles questioning whether the stock could fall further, with some skeptics arguing SpaceX remains expensive relative to near-term profitability.

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.