SpaceX (NASDAQ:SPCX) Shares Up 4.1% Following Analyst Upgrade

SpaceX (NASDAQ:SPCX) traded up 4.1% on Tuesday after Wedbush upgraded the stock to a strong-buy rating. The stock traded as high as $172.40 and last traded at $170.86. 80,570,114 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 164,031,313 shares. The stock had previously closed at $164.19.

Several other equities research analysts also recently weighed in on the stock. Cfra started coverage on shares of SpaceX in a research report on Friday, June 12th. They issued a “sell” rating and a $115.00 target price for the company. Oppenheimer lifted their price target on SpaceX from $190.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. KeyCorp started coverage on SpaceX in a report on Monday, June 22nd. They issued a “sector weight” rating for the company. New Street Research raised SpaceX to a “strong-buy” rating in a report on Thursday, June 11th. Finally, 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. Three research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, SpaceX presently has an average rating of “Moderate Buy” and an average target price of $205.12.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX is set to join the Nasdaq-100 on July 7, which should trigger forced buying from index funds and ETFs and has become the main near-term bullish catalyst. SpaceX Joins the Nasdaq-100 on July 7. What It Means for Index Fund Investors
• Positive Sentiment: Wedbush initiated coverage with a Buy/Outperform view and a $190 target, arguing SpaceX is more than a rocket company and may be building a large AI and Starlink-driven ecosystem. SpaceX Stock Gets Buy Rating From a Tesla Bull Who Knows The Biggest Risk
• Positive Sentiment: Analysts and bullish commentary continue to highlight Starlink growth, with reports saying the service has 10 million subscribers and could be a high-margin engine for future expansion. Starlink Has 10 Million Subscribers, and It’s Just Getting Started. Here’s Why That Matters for SpaceX Investors.
• Positive Sentiment: Short interest is extremely high, with roughly a third of tradable shares reportedly sold short; that can support a squeeze if momentum and index buying continue. Short sellers boost bets against SpaceX and it’s already costing them
• Neutral Sentiment: SpaceX denied reports that it showed investors a handset-like AI device prototype, cooling some of the consumer-tech speculation that had boosted sentiment. Elon Musk Denies SpaceX AI Device Report as Starlink Strategy Questions Grow
• Neutral Sentiment: Several articles emphasized that SpaceX’s valuation is extremely rich and the stock remains volatile after its debut, so investors are split between the index-inclusion/AI growth story and concerns that the multiple may be hard to justify. SpaceX Stock Falls After Firm Calls Valuation ‘Catastrophic’
• Negative Sentiment: Bearish commentary warned that SpaceX’s roughly 100x sales valuation is unsustainable, with lockup expirations and post-IPO profit-taking adding pressure on the shares. SpaceX (SPCX) Stock Tumbles as Analysts Warn 100x Sales Multiple Is ‘Catastrophic’
• Negative Sentiment: One recurring concern is that SpaceX is still carrying large debt and may not be free-cash-flow positive until 2029, which keeps downside risk front and center for investors. SpaceX Won’t Be Free-Cash-Flow Positive Until 2029 and It’s Already Taking on $25 Billion in Debt. Here’s What That Means for Your Investment.

SpaceX Stock Performance

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

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.