SpaceX (NASDAQ:SPCX) Shares Up 2.2% on Analyst Upgrade

SpaceX (NASDAQ:SPCX)’s stock price rose 2.2% during mid-day trading on Friday after DZ Bank upgraded the stock to a strong sell rating. The company traded as high as $137.35 and last traded at $136.97. Approximately 78,177,565 shares changed hands during trading, a decline of 31% from the average daily volume of 113,584,313 shares. The stock had previously closed at $134.00.

Other equities analysts have also issued research reports about the stock. Guggenheim initiated coverage on shares of SpaceX in a research report on Friday, August 7th. They set a “buy” rating for the company. Sanford C. Bernstein set a $248.00 target price on shares of SpaceX in a research note on Thursday, August 6th. KGI Securities cut shares of SpaceX from an “outperform” rating to a “hold” rating in a report on Monday, June 22nd. Citigroup cut shares of SpaceX from a “buy” rating to a “sell” rating in a report on Friday, August 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $250.00 price target on shares of SpaceX in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $220.20.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX successfully launched 29 Starlink satellites and landed the Falcon 9 booster on a drone ship. The mission pushed Starlink toward—and according to Elon Musk, beyond—11,000 satellites in orbit, reinforcing the company’s launch cadence and satellite-internet expansion. SpaceX launches 29 Starlink satellites
• Positive Sentiment: Federal policy targeting 1,000 launches annually by 2030 could create a favorable regulatory and contracting environment for SpaceX. Musk has also outlined an extremely ambitious Starship goal of roughly 10,000 launches per year, highlighting the company’s long-term growth opportunity. Elon Musk on Starship launch targets
• Positive Sentiment: William Blair reiterated a Buy rating, citing SpaceX’s lead in reusable rockets and potential growth from AI-related revenue. A proposed $16.8 billion chip-factory venture with Tesla could also support SpaceX’s computing and AI ambitions. William Blair reiterates Buy

Institutional Investors Weigh In On SpaceX

Several hedge funds have recently made changes to their positions in SPCX. Hyperion Asset Management Ltd purchased a new stake in shares of SpaceX in the second quarter valued at $201,137,000. Assenagon Asset Management S.A. purchased a new position in SpaceX during the 2nd quarter valued at about $2,502,000. Sage Capital Advisors llc acquired a new position in shares of SpaceX in the 2nd quarter valued at about $3,254,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of SpaceX in the second quarter worth approximately $3,383,000. Finally, Canvas Wealth Advisors LLC purchased a new stake in shares of SpaceX in the second quarter worth approximately $2,598,000.

SpaceX Price Performance

The company has a fifty day moving average of $142.32. The company has a market cap of $1.79 trillion and a price-to-earnings ratio of -1,521.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 5.12 and a quick ratio of 4.99.

SpaceX (NASDAQ:SPCX) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion during the quarter. The company’s revenue for the quarter was up 91.9% on a year-over-year basis. Equities research analysts forecast that SpaceX will post -0.15 EPS for the current fiscal year.

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.