SpaceX (NASDAQ:SPCX) Trading 7.3% Higher – Here’s What Happened

SpaceX (NASDAQ:SPCX)’s share price rose 7.3% during mid-day trading on Friday . The company traded as high as $176.52 and last traded at $160.95. Approximately 512,622,209 shares were traded during mid-day trading, The stock had previously closed at $150.00.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX’s blockbuster IPO raised $75 billion, making it the largest IPO ever and signaling extremely strong demand from institutions and retail buyers.
• Positive Sentiment: Several analysts and market commentators issued bullish takes, with some calling the stock undervalued and pointing to long-term upside from Starlink, launches, and AI infrastructure.
• Positive Sentiment: The debut pushed Elon Musk into trillionaire territory and intensified attention on SpaceX as a potential mega-cap growth story. Article Title
• Neutral Sentiment: The IPO also sparked a wave of trading activity in related names, ETFs, and tokenized-share products, showing that SpaceX is now a broad market theme rather than just a single stock. Article Title
• Neutral Sentiment: At the same time, some reports warned that the valuation is extremely rich and that early enthusiasm could fade after the first-day pop.
• Negative Sentiment: CFRA initiated coverage with a Sell rating and a $115 target, arguing the shares may have downside from current levels.
• Negative Sentiment: Several articles also note profit-taking and selling pressure in space-related stocks as investors rotate out of proxies and reassess the valuation.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SPCX. Wolfe Research began coverage on SpaceX in a report on Friday. They set an “outperform” rating and a $175.00 target price for the company. KGI Securities began coverage on SpaceX in a report on Thursday. They set an “outperform” rating for the company. Cfra began coverage on SpaceX in a report on Friday. They set a “sell” rating and a $115.00 target price for the company. New Street Research set a $165.00 target price on SpaceX in a report on Wednesday. Finally, Oppenheimer set a $190.00 target price on SpaceX and gave the company an “outperform” rating in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, SpaceX currently has a consensus rating of “Moderate Buy” and an average target price of $161.25.

SpaceX Stock Performance

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

About SpaceX

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.