SpaceX (NASDAQ:SPCX) Stock Falls 2.3% – Here’s Why

SpaceX (NASDAQ:SPCX)’s stock price dropped 2.3% during trading on Thursday. The company traded as low as $140.66 and last traded at $148.62. Approximately 97,693,649 shares changed hands during mid-day trading, a decline of 3% from the average session volume of 101,205,969 shares. The stock had previously closed at $152.16.

More SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Prediction-market odds of a Tesla-SpaceX combination before March 2027 rose above 50%, reaching roughly 55%-56% after Tesla unveiled a Roadster using SpaceX thruster technology. Analysts including Dan Ives argue the demonstration supports the idea of a shared engineering and artificial-intelligence platform. Prediction market odds on Tesla-SpaceX merger are above 50% for early 2027
• Positive Sentiment: Evercore raised its SpaceX target, citing progress toward major commercial “proof points” and more than $100 billion in potential revenue. Investors are also focused on third-quarter results due October 20, including Starlink growth, launch cadence and investment needs. SpaceX Q3 Earnings Countdown
• Positive Sentiment: SpaceX continues expanding Starlink’s commercial opportunity, including airline deployments at United Airlines and a planned mobile-network push beginning in rural America. Its reported spectrum strategy could broaden the addressable market beyond satellite broadband. SpaceX Expands Footprint With United Airlines
• Neutral Sentiment: SpaceX and Nvidia are reportedly collaborating on AI data centers in space, with initial satellite launches targeted for 2027. The project could create a new growth avenue, but it remains an early-stage initiative. SpaceX and Nvidia Team Up on AI Data Centers in Space
• Negative Sentiment: Reports that Ukraine’s military Starlink/Starshield access was restricted disrupted drone operations and renewed concerns about SpaceX’s geopolitical exposure and customer reliability. Service reportedly resumed, while President Trump denied ordering the restrictions, leaving responsibility unclear. Trump says White House didn’t order Starlink restrictions in Ukraine
• Negative Sentiment: Analysts caution that SpaceX’s spectrum deal still leaves it far smaller than established telecom giants, while upcoming insider share unlocks may add selling pressure. The company also faces scrutiny from a New York City Council AI-safety investigation.

Analyst Upgrades and Downgrades

SPCX has been the topic of a number of research reports. KGI Securities cut SpaceX from an “outperform” rating to a “hold” rating in a research report on Monday, June 22nd. HSBC initiated coverage on SpaceX in a report on Thursday, July 23rd. They set a “hold” rating and a $115.00 target price on the stock. Susquehanna raised their price objective on shares of SpaceX from $144.00 to $173.00 and gave the company a “neutral” rating in a research report on Wednesday, October 7th. Wolfe Research reaffirmed an “outperform” rating and set a $175.00 target price on shares of SpaceX in a research report on Wednesday, August 26th. Finally, Bank of America assumed coverage on shares of SpaceX in a research report on Tuesday, July 7th. They issued a “buy” rating and a $235.00 price target for the company. Three analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, nine have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $221.34.

SpaceX Price Performance

The stock’s fifty day moving average price is $148.44. The stock has a market cap of $1.92 trillion and a P/E ratio of -1,622.56. The company has a quick ratio of 4.99, a current ratio of 5.12 and a debt-to-equity ratio of 0.29.

SpaceX (NASDAQ:SPCX) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion for the quarter. The company’s quarterly revenue was up 91.9% on a year-over-year basis. On average, research analysts predict that SpaceX will post 0.07 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Gwynne Shotwell sold 342,170 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $153.57, for a total transaction of $52,547,046.90. Following the completion of the sale, the chief operating officer directly owned 2,472,035 shares of the company’s stock, valued at $379,630,414.95. The trade was a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Institutional Investors Weigh In On SpaceX

A number of institutional investors have recently made changes to their positions in the stock. SC US Ttgp LTD. acquired a new position in shares of SpaceX during the 2nd quarter worth about $20,933,621,000. Darsana Capital Partners LP acquired a new stake in shares of SpaceX in the 2nd quarter valued at approximately $17,335,783,000. K5 Global Advisor LLC acquired a new stake in shares of SpaceX in the 2nd quarter valued at approximately $6,587,531,000. State Street Corp bought a new position in SpaceX during the 2nd quarter worth approximately $1,858,329,000. Finally, Dragoneer Investment Group LLC bought a new position in SpaceX during the 2nd quarter worth approximately $1,366,880,000.

About SpaceX

Space Exploration Technologies Corp. (SpaceX) is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles, spacecraft and satellite systems designed to reduce the cost of access to space and support commercial, government and scientific missions.

SpaceX’s primary products and services include the Falcon 9 and Falcon Heavy launch vehicles, the Dragon spacecraft and the Starlink satellite internet network. The company also is developing Starship, a fully reusable launch and spacecraft system intended for missions to Earth orbit, the Moon and Mars.