SpaceX (NASDAQ:SPCX) Trading 7.3% Higher Following Analyst Upgrade

Shares of SpaceX (NASDAQ:SPCX) rose 7.3% during trading on Friday after Wolfe Research upgraded the stock to a strong-buy rating. The company traded as high as $176.52 and last traded at $160.95. Approximately 512,622,209 shares traded hands during trading, The stock had previously closed at $150.00.

Several other research analysts also recently weighed in on the company. KGI Securities initiated coverage on SpaceX in a research note on Thursday. They issued an “outperform” rating for the company. Cfra initiated coverage on SpaceX in a research note on Friday. They issued a “sell” rating and a $115.00 price target for the company. New Street Research upgraded SpaceX to a “strong-buy” rating in a research note on Thursday. Finally, Oppenheimer set a $190.00 price target on SpaceX and gave the stock an “outperform” rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $161.25.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX’s blockbuster IPO raised $75 billion, making it the largest IPO ever and signaling extremely strong demand from institutions and retail buyers.
• Positive Sentiment: Several analysts and market commentators issued bullish takes, with some calling the stock undervalued and pointing to long-term upside from Starlink, launches, and AI infrastructure.
• Positive Sentiment: The debut pushed Elon Musk into trillionaire territory and intensified attention on SpaceX as a potential mega-cap growth story. Article Title
• Neutral Sentiment: The IPO also sparked a wave of trading activity in related names, ETFs, and tokenized-share products, showing that SpaceX is now a broad market theme rather than just a single stock. Article Title
• Neutral Sentiment: At the same time, some reports warned that the valuation is extremely rich and that early enthusiasm could fade after the first-day pop.
• Negative Sentiment: CFRA initiated coverage with a Sell rating and a $115 target, arguing the shares may have downside from current levels.
• Negative Sentiment: Several articles also note profit-taking and selling pressure in space-related stocks as investors rotate out of proxies and reassess the valuation.

SpaceX Stock Up 7.3%

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

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.