SpaceX (NASDAQ:SPCX) Reaches New 52-Week Low – Here’s What Happened

Shares of SpaceX (NASDAQ:SPCX) reached a new 52-week low during trading on Monday . The stock traded as low as $106.69 and last traded at $106.69, with a volume of 2286886 shares changing hands. The stock had previously closed at $108.37.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Some analysts believe investors are focusing too heavily on governance concerns and missing SpaceX’s long-term growth potential. Bullish forecasts point to a possible rise toward $128, supported by Starlink expansion, reusable rockets and growing launch demand. Jeffries says investors are missing the bigger picture
• Positive Sentiment: Investor Cathie Wood is buying the decline, citing the potential for reusable rockets and Starlink’s satellite broadband network to produce substantial long-term profits. Cathie Wood is buying SpaceX stock
• Positive Sentiment: A recent Falcon 9 launch deployed 24 Starlink satellites, highlighting continued execution and network expansion. SpaceX is also planning a potential launch facility in coastal Louisiana, which could expand future capacity. SpaceX launches 24 Starlink satellites
• Neutral Sentiment: Tuesday’s earnings will provide the first public look at revenue, margins, cash flow and guidance. Investors are particularly focused on whether Starlink profits can fund rapidly increasing spending on artificial intelligence, Starship and other space ventures. SpaceX results put AI spending under scrutiny
• Neutral Sentiment: SpaceX’s addition to the Nasdaq-100 may support visibility and index-related demand, although its current weighting is relatively small. SpaceX joins the Nasdaq-100
• Negative Sentiment: Bearish sentiment is intensifying: short sellers reportedly have built a $24.6 billion position, while a highly ranked analyst recommends selling SPCX ahead of earnings. Short sellers build a large SpaceX position
• Negative Sentiment: Investors continue to question Elon Musk’s control, related-party decisions and SpaceX’s governance structure. Concerns could weigh on the valuation if management does not address them during the earnings call. Investors question SpaceX governance
• Negative Sentiment: A potential insider lockup expiration on August 6 could add share supply and create further selling pressure immediately after the earnings report. SpaceX’s high valuation also leaves limited room for disappointing growth or profitability guidance. Numbers that will define SpaceX valuation

Wall Street Analyst Weigh In

Several analysts have issued reports on SPCX shares. Wedbush initiated coverage on shares of SpaceX in a research report on Tuesday, June 30th. They set an “outperform” rating and a $190.00 price target for the company. Stifel Nicolaus assumed coverage on SpaceX in a report on Tuesday, July 7th. They issued a “buy” rating and a $190.00 price objective on the stock. Royal Bank Of Canada assumed coverage on SpaceX in a research note on Tuesday, July 7th. They issued an “outperform” rating and a $225.00 target price for the company. Mizuho began coverage on SpaceX in a research report on Tuesday, July 7th. They set an “outperform” rating and a $200.00 price target on the stock. Finally, Susquehanna initiated coverage on SpaceX in a research note on Tuesday, June 23rd. They issued a “neutral” rating and a $170.00 price target on the stock. Four investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, SpaceX presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.50.

SpaceX Trading Up 1.5%

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

Hedge Funds Weigh In On SpaceX

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

About SpaceX

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.