SpaceX (NASDAQ:SPCX) Shares Down 6.7% – Time to Sell?

Shares of SpaceX (NASDAQ:SPCX) were down 6.7% during trading on Wednesday . The stock traded as low as $115.19 and last traded at $115.26. Approximately 90,717,020 shares traded hands during trading, a decline of 20% from the average daily volume of 113,396,305 shares. The stock had previously closed at $123.54.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Analysts and high-profile investors remain bullish, with Macquarie reiterating a constructive view on SpaceX’s AI infrastructure opportunity and Cathie Wood publicly buying the dip. Buy Any Dip in SpaceX Stock — Macquarie Sees Massive Upside Ahead
• Positive Sentiment: SpaceX is reportedly exploring a large Texas AI data center and a potential new revenue stream from in-orbit satellite servicing, which could support the long-term bull case. SpaceX plans Texas data center expansion, The Information reports
• Neutral Sentiment: SpaceX is set to attempt Starship Flight 13 after a prior abort, keeping attention on execution risk and the company’s launch cadence. SpaceX targets July 23 for crucial Starship Flight 13 test launch after abort
• Neutral Sentiment: Investors are waiting for the company’s first quarterly results as a public company, which will provide the first real read on revenue, margins, and guidance. SpaceX To Report First Public Earnings On August 4
• Negative Sentiment: Large insider share unlocks are approaching, with roughly $116 billion of stock potentially becoming eligible for sale, fueling dilution and selling-pressure concerns. $116 Billion in SpaceX Stock Could Soon Be Unlocked
• Negative Sentiment: Several articles point to weakness in the stock since its IPO, with short sellers building positions and skeptics warning that the valuation may still have room to fall. Bets against SpaceX grow to 32% of float

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SPCX. New Street Research upgraded SpaceX to a “strong-buy” rating in a research note on Thursday, June 11th. Moffett Nathanson started coverage on SpaceX in a research report on Tuesday, July 7th. They issued a “neutral” rating and a $131.00 price objective on the stock. Stifel Nicolaus initiated coverage on SpaceX in a research report on Tuesday, July 7th. They set a “buy” rating and a $190.00 target price for the company. Wedbush assumed coverage on SpaceX in a research note on Tuesday, June 30th. They set an “outperform” rating and a $190.00 target price on the stock. Finally, Zacks Research raised SpaceX to a “hold” rating in a report on Monday, June 15th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.78.

SpaceX Stock Performance

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

Institutional Inflows and Outflows

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