SpaceX (NASDAQ:SPCX) Stock Price Down 4% – Here’s What Happened

Shares of SpaceX (NASDAQ:SPCX) were down 4% during mid-day trading on Thursday . The stock traded as low as $130.39 and last traded at $134.00. Approximately 119,102,807 shares traded hands during trading, an increase of 4% from the average session volume of 114,443,703 shares. The stock had previously closed at $139.65.

More SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX successfully launched 29 Starlink satellites and landed the Falcon 9 booster on a drone ship. The mission pushed Starlink toward—and according to Elon Musk, beyond—11,000 satellites in orbit, reinforcing the company’s launch cadence and satellite-internet expansion. SpaceX launches 29 Starlink satellites
• Positive Sentiment: Federal policy targeting 1,000 launches annually by 2030 could create a favorable regulatory and contracting environment for SpaceX. Musk has also outlined an extremely ambitious Starship goal of roughly 10,000 launches per year, highlighting the company’s long-term growth opportunity. Elon Musk on Starship launch targets
• Positive Sentiment: William Blair reiterated a Buy rating, citing SpaceX’s lead in reusable rockets and potential growth from AI-related revenue. A proposed $16.8 billion chip-factory venture with Tesla could also support SpaceX’s computing and AI ambitions. William Blair reiterates Buy

Analyst Ratings Changes

Several research analysts have recently commented on SPCX shares. Royal Bank Of Canada lowered SpaceX from an “outperform” rating to a “hold” rating in a research report on Friday, August 7th. Wells Fargo & Company cut their target price on SpaceX from $230.00 to $215.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 5th. Oppenheimer boosted their target price on shares of SpaceX from $190.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Argus upgraded shares of SpaceX from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a report on Friday, August 7th. Finally, HSBC initiated coverage on shares of SpaceX in a research note on Thursday, July 23rd. They set a “hold” rating and a $115.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eight have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $220.20.

SpaceX Stock Up 2.2%

The stock’s 50-day moving average is $142.32. The company has a current ratio of 5.12, a quick ratio of 4.99 and a debt-to-equity ratio of 0.29. The stock has a market cap of $1.79 trillion and a PE ratio of -1,521.89.

SpaceX (NASDAQ:SPCX) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion for the quarter. The business’s quarterly revenue was up 91.9% compared to the same quarter last year. On average, equities analysts anticipate that SpaceX will post -0.15 EPS for the current year.

Institutional Investors Weigh In On SpaceX

Several institutional investors have recently bought and sold shares of SPCX. Hyperion Asset Management Ltd acquired a new stake in SpaceX during the 2nd quarter worth $201,137,000. Tema ETFs LLC acquired a new position in SpaceX during the second quarter worth about $32,037,000. Montanova Capital LLC acquired a new position in SpaceX during the second quarter worth about $17,291,000. Concurrent Investment Advisors LLC purchased a new stake in SpaceX during the 2nd quarter valued at about $8,613,000. Finally, Proficio Capital Partners LLC acquired a new stake in SpaceX in the 2nd quarter valued at about $8,120,000.

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.