Canaccord Genuity Group Initiates Coverage on SpaceX (NASDAQ:SPCX)

Stock analysts at Canaccord Genuity Group assumed coverage on shares of SpaceX (NASDAQ:SPCX) in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $246.00 price target on the stock. Canaccord Genuity Group’s target price points to a potential upside of 61.27% from the company’s previous close.

Several other equities analysts have also weighed in on SPCX. Wall Street Zen upgraded shares of SpaceX to a “sell” rating in a research report on Saturday, June 20th. Deutsche Bank Aktiengesellschaft initiated coverage on SpaceX in a research report on Tuesday. They set a “buy” rating and a $255.00 target price on the stock. Citigroup started coverage on SpaceX in a report on Tuesday. They issued a “buy” rating and a $200.00 price target for the company. Argus began coverage on SpaceX in a research report on Friday, June 26th. They issued a “hold” rating for the company. Finally, Needham & Company LLC began coverage on SpaceX in a report on Tuesday. They set a “buy” rating and a $200.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $215.75.

SpaceX Price Performance

Shares of SPCX traded down $7.88 during midday trading on Tuesday, reaching $152.54. 13,243,159 shares of the stock were exchanged, compared to its average volume of 145,049,766. SpaceX has a twelve month low of $147.11 and a twelve month high of $225.64.

SpaceX (NASDAQ:SPCX) last issued 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 Trading of SpaceX

A number of hedge funds have recently made changes to their positions in SPCX. Burkett Financial Services LLC bought a new stake in SpaceX in the 2nd quarter worth approximately $70,000. Dogwood Wealth Management LLC bought a new stake in SpaceX during the 2nd quarter valued at $139,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in SpaceX during the 2nd quarter valued at $566,000.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX officially joins the Nasdaq-100 today, which should trigger mandatory buying from index funds and ETFs tracking the benchmark. Analysts and recent coverage suggest this could create meaningful near-term demand for the stock. SpaceX Joins the Nasdaq 100 Index Today—Here’s Why That Matters to Stock Investors
• Positive Sentiment: A flood of new Wall Street coverage was overwhelmingly bullish, with major firms including Morgan Stanley, Goldman Sachs, JPMorgan, UBS, Wells Fargo, Citigroup, Bank of America, Deutsche Bank, Cantor Fitzgerald, Stifel, Needham, RBC, Sanford C. Bernstein, and William Blair issuing buy/overweight/outperform calls and high price targets. SpaceX Joins the Nasdaq-100 Today — and Wall Street Finally Gets to Speak
• Positive Sentiment: Bullish commentary also highlighted SpaceX as a preferred Musk stock versus Tesla, while investors like Cathie Wood’s Ark Invest reportedly bought the dip, reinforcing sentiment that institutions still see long-term upside. Why Analysts Prefer SpaceX to Tesla Stock
• Neutral Sentiment: SpaceX also launched 81 satellites and landed a rocket on a ship at sea, underscoring execution in its core business, though the market may view this more as operational progress than an immediate stock catalyst. SpaceX launches 81 satellites to orbit from California, lands rocket on ship at sea – Space
• Negative Sentiment: Some articles warned the Nasdaq-100 inclusion may turn into a “sell-the-news” event, while others pointed to ongoing volatility, a rich valuation, and fading IPO momentum as reasons the stock could remain under pressure near term. SpaceX Nasdaq-100 Inclusion Flashes A Historic ‘Sell-The-News’ Warning
• Negative Sentiment: SpaceX was also mentioned in broader market weakness tied to tech and AI selling, which can add short-term downside even when company-specific news is positive. Samsung, Micron, Rivian, SpaceX, and More Stocks That Explain Today’s Market

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.