SpaceX (NASDAQ:SPCX) Shares Gap Down – Time to Sell?

Shares of SpaceX (NASDAQ:SPCX) gapped down prior to trading on Monday . The stock had previously closed at $185.00, but opened at $176.04. SpaceX shares last traded at $170.8740, with a volume of 25,750,572 shares.

SpaceX News Roundup

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX announced a $6.3 billion compute deal with Reflection AI, which adds a new recurring revenue stream and underscores demand for its data-center capacity. Reuters: AI startup Reflection signs computing power deal with SpaceX
• Positive Sentiment: The company’s first-ever public bond sale drew unusually strong demand, showing lenders still view SpaceX as a high-quality credit despite the sell-off. CNBC: SpaceX raises $25 billion in debt sale less than two weeks after IPO
• Neutral Sentiment: KeyCorp initiated coverage with a “Sector Weight” view and relatively muted earnings estimates, reinforcing the idea that Wall Street is still waiting for proof that SpaceX’s growth can translate into profits.
• Negative Sentiment: SpaceX’s new debt offering and debt-refinancing needs are pressuring the stock, with investors worried the company is raising cash so soon after its IPO because operating cash flow may not be enough to fund expansion. MarketWatch: SpaceX already needs to raise more cash, and its stock is falling 10%
• Negative Sentiment: Ongoing concerns about valuation, dilution from acquisitions, and potential insider selling after lockup periods are adding to the sell-off and keeping traders cautious. Reuters: SpaceX launches notes offering, discloses $100.8 billion cash balance

Wall Street Analyst Weigh In

Several research firms have weighed in on SPCX. Roth Mkm raised SpaceX to a “buy” rating in a research report on Monday. Arete Research set a $401.00 target price on SpaceX and gave the stock a “buy” rating in a research report on Thursday, June 18th. Benchmark started coverage on SpaceX in a research note on Monday. They issued a “buy” rating for the company. Cfra started coverage on SpaceX in a research report on Friday, June 12th. They set a “sell” rating and a $115.00 price target on the stock. Finally, Susquehanna began coverage on SpaceX in a research note on Tuesday. They issued a “neutral” rating and a $170.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $212.67.

SpaceX Trading Up 1.0%

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

Insider Buying and Selling

In other news, CEO Elon Musk sold 11,390 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $105.32, for a total value of $1,199,594.80. Following the sale, the chief executive officer directly owned 526,165,900 shares of the company’s stock, valued at approximately $55,415,792,588. This represents a 0.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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.