SpaceX (NASDAQ:SPCX) Now Covered by China Renaissance

China Renaissance started coverage on shares of SpaceX (NASDAQ:SPCX) in a report issued on Thursday morning,Benzinga reports. The brokerage issued a buy rating and a $194.20 price target on the stock.

Several other research analysts have also recently weighed in on SPCX. HSBC reaffirmed a “hold” rating on shares of SpaceX in a research note on Wednesday, October 21st. Piper Sandler reissued a “neutral” rating on shares of SpaceX in a report on Wednesday, October 21st. UBS Group restated an “overweight” rating and set a $300.00 price objective on shares of SpaceX in a research report on Wednesday, October 21st. Sanford C. Bernstein set a $267.00 price objective on shares of SpaceX in a research note on Monday, October 26th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $235.00 price objective on shares of SpaceX in a research note on Monday, September 28th. Four analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $243.60.

SpaceX Price Performance

NASDAQ SPCX opened at $123.62 on Thursday. SpaceX has a 12 month low of $104.83 and a 12 month high of $225.64. The firm has a market capitalization of $1.68 trillion and a price-to-earnings ratio of 475.46. The company’s 50 day moving average is $149.32. The company has a quick ratio of 3.00, a current ratio of 3.08 and a debt-to-equity ratio of 0.20.

SpaceX (NASDAQ:SPCX) last released its earnings results on Tuesday, October 20th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.25. The firm had revenue of $14.57 billion during the quarter. SpaceX had a negative return on equity of 3.24% and a negative net margin of 8.61%. The business’s revenue for the quarter was up 161.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.36) earnings per share. Sell-side analysts anticipate that SpaceX will post 0.19 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Gwynne Shotwell sold 342,170 shares of SpaceX stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $153.57, for a total value of $52,547,046.90. Following the transaction, the chief operating officer directly owned 2,472,035 shares in the company, valued at $379,630,414.95. The trade was a 12.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Hedge Funds Weigh In On SpaceX

Hedge funds and other institutional investors have recently modified their holdings of the stock. CENTRAL TRUST Co lifted its position in SpaceX by 48.3% in the 3rd quarter. CENTRAL TRUST Co now owns 5,121 shares of the company’s stock worth $773,000 after buying an additional 1,668 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of SpaceX by 409.6% during the 3rd quarter. Fifth Third Bancorp now owns 186,298 shares of the company’s stock valued at $28,105,000 after acquiring an additional 149,738 shares in the last quarter. Three Bridge Wealth Advisors LLC purchased a new position in shares of SpaceX during the 3rd quarter valued at $50,129,000. Artemis Wealth Advisors LLC acquired a new position in shares of SpaceX in the third quarter worth $48,957,000. Finally, King Luther Capital Management Corp increased its stake in shares of SpaceX by 43.1% in the third quarter. King Luther Capital Management Corp now owns 72,384 shares of the company’s stock worth $10,920,000 after acquiring an additional 21,800 shares during the last quarter.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Starlink Mobile gains a major technology partner. SpaceX selected Qualcomm to supply 5G infrastructure technology for its planned U.S. wireless network, supporting its effort to expand beyond satellite connectivity and compete with established carriers. Article: SpaceX signs deal with Qualcomm to provide network technology for U.S. mobile service
• Positive Sentiment: Analyst coverage offers a counterpoint to the selloff. China Renaissance initiated coverage with a Buy rating and a $194.20 price target, while a separate valuation update cited potential upside from AI and Starlink growth. These are analyst views, not assurances of future performance. Article: SpaceX Stock Today Has These 2 Positives. The Stock Is Still Falling.
• Neutral Sentiment: A proposed change to U.S. launch rules could benefit SpaceX. The proposal may create a more favorable operating environment, but its eventual impact depends on the final rules and implementation. Article: US proposes space launch rule changes in potential boost for SpaceX
• Negative Sentiment: Election results have raised political and regulatory uncertainty. With Democrats controlling Congress and Texas turning blue, investors fear tougher scrutiny and permitting hurdles for AI data centers, as well as obstacles to SpaceX’s expansion and a potential Tesla merger. Article: SpaceX, Tesla extend losses as midterm results cloud data center, merger outlook
• Negative Sentiment: AI exposure and funding needs are weighing on sentiment. The broader AI-stock retreat is hitting SpaceX as investors question the cost and returns of its large computing buildout. Reports that debt-default insurance costs reached a record high add to concerns about perceived credit risk and financing. Article: Elon Musk’s SpaceX Default Risk Hits Record High as Democratic Sweep Adds to AI Rout

SpaceX Company Profile

Space Exploration Technologies Corp., commonly known as SpaceX, is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles and spacecraft designed to reduce the cost of access to space and support commercial, government and scientific missions.

SpaceX’s principal products and services include the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starlink satellite communications network. Falcon rockets are used to launch satellites, cargo and crew, while Dragon spacecraft support transportation to and from low Earth orbit.