SpaceX (NASDAQ:SPCX) Shares Down 2.7% – Here’s What Happened

SpaceX (NASDAQ:SPCX) shares traded down 2.7% during trading on Friday . The stock traded as low as $111.40 and last traded at $115.07. 53,741,865 shares traded hands during trading, a decline of 51% from the average daily volume of 109,851,375 shares. The stock had previously closed at $118.24.

Key Headlines Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX is attempting to launch 20 Starlink V3 satellites and its delayed Starship Flight 13, and a successful mission could restore confidence in the company’s launch cadence, lower future launch costs, and support Starlink’s growth narrative. Article Title
• Positive Sentiment: Alphabet’s disclosed $94 billion SpaceX stake and ongoing high monthly cloud-compute spending underscore strong strategic interest from a major tech partner, which investors may view as validation of SpaceX’s long-term AI and infrastructure ambitions. Article Title
• Neutral Sentiment: SpaceX is reportedly scouting Texas sites for AI data centers, reinforcing the company’s broader growth optionality beyond rockets, but the market is still waiting for concrete details before assigning much value. Article Title
• Negative Sentiment: HSBC initiated coverage with a Hold rating and a price target below the IPO price, adding to worries that the “Musk premium” may already be fully priced in. Article Title
• Negative Sentiment: Repeated Starship delays due to weather and recent test setbacks have pressured sentiment, since the stock’s near-term trading is closely tied to whether SpaceX can execute on its most visible catalyst. Article Title
• Negative Sentiment: Investors are also focused on an upcoming lockup expiration that could add supply to the market, while short interest and bearish commentary suggest more volatility ahead for SpaceX (NASDAQ: SPCX). Article Title

Analysts Set New Price Targets

SPCX has been the subject of a number of research analyst reports. William Blair started coverage on SpaceX in a report on Tuesday, July 7th. They set an “outperform” rating for the company. Cantor Fitzgerald assumed coverage on shares of SpaceX in a report on Tuesday, July 7th. They issued an “overweight” rating and a $246.00 target price for the company. Benchmark began coverage on shares of SpaceX in a report on Monday, June 22nd. They set a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on SpaceX in a research note on Tuesday, July 7th. They issued a “buy” rating and a $255.00 price target for the company. Finally, Roth Capital upgraded SpaceX to a “buy” rating in a research report on Monday, June 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, SpaceX currently has an average rating of “Moderate Buy” and a consensus target price of $230.50.

SpaceX Price Performance

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

Institutional Investors Weigh In On SpaceX

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

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.