SpaceX (NASDAQ:SPCX) Trading Up 2.2% on Analyst Upgrade

SpaceX (NASDAQ:SPCX)’s stock price shot up 2.2% during mid-day trading on Friday after DZ Bank upgraded the stock to a strong sell rating. The stock traded as high as $137.35 and last traded at $136.97. Approximately 78,177,565 shares were traded during mid-day trading, a decline of 31% from the average session volume of 113,584,313 shares. The stock had previously closed at $134.00.

SPCX has been the subject of several other reports. Barclays upgraded SpaceX from an “underweight” rating to an “overweight” rating in a report on Monday, June 22nd. Bank of America assumed coverage on SpaceX in a report on Tuesday, July 7th. They issued a “buy” rating and a $235.00 price objective for the company. TD Cowen assumed coverage on shares of SpaceX in a research note on Monday, June 22nd. They issued a “buy” rating for the company. Wolfe Research reiterated an “outperform” rating on shares of SpaceX in a report on Wednesday, August 5th. Finally, Wells Fargo & Company cut their target price on shares of SpaceX from $230.00 to $215.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eight have given a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $220.20.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX successfully launched 29 Starlink satellites and landed the Falcon 9 booster on a drone ship. The mission pushed Starlink toward—and according to Elon Musk, beyond—11,000 satellites in orbit, reinforcing the company’s launch cadence and satellite-internet expansion. SpaceX launches 29 Starlink satellites
• Positive Sentiment: Federal policy targeting 1,000 launches annually by 2030 could create a favorable regulatory and contracting environment for SpaceX. Musk has also outlined an extremely ambitious Starship goal of roughly 10,000 launches per year, highlighting the company’s long-term growth opportunity. Elon Musk on Starship launch targets
• Positive Sentiment: William Blair reiterated a Buy rating, citing SpaceX’s lead in reusable rockets and potential growth from AI-related revenue. A proposed $16.8 billion chip-factory venture with Tesla could also support SpaceX’s computing and AI ambitions. William Blair reiterates Buy

Hedge Funds Weigh In On SpaceX

Several hedge funds have recently modified their holdings of SPCX. Bond Capital Management LP purchased a new position in shares of SpaceX in the 2nd quarter valued at approximately $180,620,000. Fortitude Advisory Group L.L.C. acquired a new stake in SpaceX in the 2nd quarter worth approximately $305,000. Riverview Capital Advisers LLC purchased a new stake in SpaceX during the 2nd quarter worth approximately $552,000. Value Aligned Research Advisors LLC purchased a new stake in SpaceX during the 2nd quarter worth approximately $100,760,000. Finally, Chokshi & Queen Wealth Advisors Inc acquired a new position in SpaceX during the 2nd quarter valued at approximately $658,000.

SpaceX Price Performance

The company has a fifty day simple moving average of $142.32. 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 has a market capitalization of $1.79 trillion and a price-to-earnings ratio of -1,521.89.

SpaceX (NASDAQ:SPCX) last released its earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.17. The firm had revenue of $7.81 billion during the quarter. The business’s quarterly revenue was up 91.9% compared to the same quarter last year. Analysts expect that SpaceX will post -0.15 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.