SpaceX (NASDAQ:SPCX) Upgraded by Piper Sandler to “Hold” Rating

SpaceX (NASDAQ:SPCX) was upgraded by research analysts at Piper Sandler to a “hold” rating in a report released on Wednesday,Zacks.com reports.

Several other research firms also recently commented on SPCX. Evercore began coverage on shares of SpaceX in a research note on Tuesday. They set an “outperform” rating and a $230.00 price objective for the company. Susquehanna started coverage on SpaceX in a research note on Tuesday, June 23rd. They issued a “neutral” rating and a $170.00 target price for the company. Benchmark assumed coverage on SpaceX in a research report on Monday, June 22nd. They set a “buy” rating for the company. JPMorgan Chase & Co. began coverage on SpaceX in a research note on Tuesday, July 7th. They set an “overweight” rating and a $225.00 price target on the stock. Finally, New Street Research raised SpaceX to a “strong-buy” rating in a report on Thursday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, SpaceX has an average rating of “Moderate Buy” and an average price target of $234.78.

SpaceX Trading Down 3.1%

Shares of SpaceX stock opened at $131.11 on Wednesday. SpaceX has a 52 week low of $130.74 and a 52 week high of $225.64.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atwood & Palmer Inc. acquired a new position in shares of SpaceX in the second quarter worth about $29,000. Marquette Asset Management LLC acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $32,000. Burkett Financial Services LLC purchased a new position in shares of SpaceX in the 2nd quarter valued at about $70,000. Contravisory Investment Management Inc. purchased a new position in shares of SpaceX in the 2nd 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.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Several Wall Street firms remain constructive, with analysts from Morgan Stanley, Evercore, Needham, and Raymond James reiterating or raising bullish price targets on the back of SpaceX’s long-term launch, Starlink, and AI-related growth potential.
• Positive Sentiment: Cathie Wood’s ARK Invest bought more SpaceX shares ahead of the Starship test, signaling that some prominent investors see the recent weakness as a buying opportunity.
• Positive Sentiment: SpaceX is still getting attention for future growth catalysts, including Starship Flight 13, expanded Starlink adoption, and plans for AI compute satellites and other space-based infrastructure.
• Neutral Sentiment: The company’s Starship test was aborted before liftoff after ignition/at the last second, which delays a key near-term catalyst but does not indicate a failure in the program itself. SpaceX suddenly aborts second Starship V3 launch after ignition
• Neutral Sentiment: Commentary around SpaceX becoming the most shorted new stock and short sellers earning billions reflects heavy bearish positioning, but also highlights that the stock is now a major battleground between bulls and bears. Short sellers rack up $8.7 bln profit as SpaceX slips below IPO price -Ortex
• Negative Sentiment: SpaceX’s break below its IPO price has been widely viewed as a sign that the debut rally is fading, and the stock is now trading more like a volatile momentum name than a newly listed growth story.
• Negative Sentiment: Investor concern is also being fueled by articles questioning whether the stock could fall further, with some skeptics arguing SpaceX remains expensive relative to near-term profitability.

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.