SpaceX (NASDAQ:SPCX) Shares Down 4.2% – Here’s What Happened

SpaceX (NASDAQ:SPCX) was down 4.2% during mid-day trading on Monday . The stock traded as low as $136.78 and last traded at $139.14. 70,886,582 shares traded hands during trading, a decline of 45% from the average daily volume of 129,961,719 shares. The stock had previously closed at $145.30.

Key Headlines Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Evercore upgraded SpaceX to Strong Buy and several analysts reiterated bullish views, with price targets ranging as high as $250-$300, arguing that Starship progress, Starlink expansion, and AI-related opportunities still support meaningful upside. The Fly / Zacks report on Evercore upgrade
• Positive Sentiment: Frontier Airlines said it will launch SpaceX’s Starlink in-flight Wi-Fi in 2027, expanding the commercial customer base for one of SpaceX’s highest-profile revenue streams. Reuters article on Frontier and Starlink
• Positive Sentiment: SpaceX received more bullish coverage ahead of Starship Flight 13, with the FAA clearing the rocket for another test and investors viewing the launch as an important proof point for the long-term launch business and broader platform thesis. TechCrunch article on FAA clearance
• Neutral Sentiment: SpaceX’s recent IPO has triggered a flood of commentary comparing the stock to its debut price, Nasdaq-100 inclusion, and long-term revenue potential. These articles are supporting ongoing investor attention, but they are mostly sentiment-driven rather than near-term fundamentals. Motley Fool article on SpaceX below debut price
• Negative Sentiment: Despite the bullish headlines, analysts and critics continue to flag valuation risk, including concerns that the stock may have gotten ahead of fundamentals and could face additional pressure as more shares become tradable after lockups expire. Benzinga article on profitability concerns
• Negative Sentiment: Bearish coverage also points to increasing competition from China and uncertainty around future profitability, reinforcing why the stock has been under pressure even after positive operational updates. TipRanks article on record low and long-term story

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPCX. New Street Research raised shares of SpaceX to a “strong-buy” rating in a research report on Thursday, June 11th. 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. Stifel Nicolaus initiated coverage on shares of SpaceX in a research note on Tuesday, July 7th. They issued a “buy” rating and a $190.00 price objective for the company. Evercore initiated coverage on shares of SpaceX in a research report on Tuesday. They set an “outperform” rating and a $230.00 price objective on the stock. Finally, Benchmark initiated coverage on SpaceX in a report on Monday, June 22nd. They issued a “buy” rating for the company. Four analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, SpaceX presently has an average rating of “Moderate Buy” and a consensus target price of $240.69.

SpaceX Stock Performance

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

Institutional Investors Weigh In On SpaceX

A number of institutional investors have recently modified their holdings of SPCX. Atwood & Palmer Inc. acquired a new position in shares of SpaceX in the second quarter worth $29,000. Marquette Asset Management LLC acquired a new stake in SpaceX during the second quarter valued at $32,000. Burkett Financial Services LLC purchased a new position in SpaceX in the second quarter valued at about $70,000. Contravisory Investment Management Inc. purchased a new position in SpaceX in the second quarter valued at about $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in SpaceX in the 2nd quarter worth about $89,000.

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.