SpaceX (NASDAQ:SPCX) Stock Price Up 1.9% Following Analyst Upgrade

SpaceX (NASDAQ:SPCX) was up 1.9% on Friday after Bank of America raised their price target on the stock from $235.00 to $275.00. Bank of America currently has a buy rating on the stock. SpaceX traded as high as $149.75 and last traded at $147.49. Approximately 109,479,767 shares changed hands during trading, an increase of 6% from the average daily volume of 103,360,648 shares. The stock had previously closed at $144.75.

Several other research analysts have also issued reports on the company. JPMorgan Chase & Co. increased their price objective on SpaceX from $240.00 to $500.00 and gave the stock an “overweight” rating in a research note on Wednesday. Guggenheim initiated coverage on shares of SpaceX in a research note on Friday, August 7th. They issued a “buy” rating on the stock. Wedbush started coverage on shares of SpaceX in a report on Tuesday, June 30th. They issued an “outperform” rating and a $190.00 target price on the stock. Wall Street Zen cut shares of SpaceX from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Finally, Morgan Stanley reissued an “overweight” rating on shares of SpaceX in a report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, SpaceX has a consensus rating of “Moderate Buy” and a consensus price target of $244.19.

Insider Transactions at SpaceX

In other SpaceX news, COO Gwynne Shotwell sold 342,170 shares of the business’s 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 owned 2,472,035 shares of the company’s stock, valued at approximately $379,630,414.95. The trade was a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Analyst double upgrade: PhillipCapital upgraded SpaceX from “Sell” to “Buy” and raised its price target from $75 to $250, citing accelerating growth and improving prospects. SpaceX Just Scored a Double Upgrade
• Positive Sentiment: AI and earnings momentum: SpaceX reported $14.58 billion in third-quarter revenue, up 161% year over year, and $4.4 billion in net income versus a loss a year earlier. Its AI segment reportedly generated more revenue than launches and connectivity combined and became profitable. SpaceX Just Became an AI Company
• Positive Sentiment: Wireless expansion: Reports that SpaceX is seeking access to roughly 80,000 U.S. cell sites strengthened the case that Starlink could become a nationwide wireless competitor. The plan could create a major new revenue opportunity and helped differentiate SpaceX from a conventional launch company. SpaceX seeks access to 80,000 US cell sites
• Positive Sentiment: Starlink scale: Consumer subscribers nearly doubled to 13.6 million, supporting the outlook for SpaceX’s connectivity business, even though average revenue per user declined. SpaceX Nearly Doubled Its Starlink Users
• Neutral Sentiment: Elon Musk endorsed exploring a Tesla-SpaceX merger. Investors see potential AI, robotics and infrastructure synergies, but the transaction would require negotiations, shareholder votes and regulatory approval, while Musk’s conflicts of interest create governance concerns. SpaceX-Tesla merger chatter
• Negative Sentiment: Heavy cash requirements: SpaceX reportedly burned more than $9.9 billion in free cash flow in one quarter and is raising about $40 billion of debt at elevated interest rates. This raises concerns about leverage, capital allocation and the durability of its IPO cash reserves. SpaceX Pays Up for $40 Billion Debt Deal
• Negative Sentiment: Ukraine’s continuing reports of Starlink restrictions could damage SpaceX’s reputation with governments and military customers, while upcoming share unlocks may increase selling pressure.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPCX. SC US Ttgp LTD. bought a new stake in SpaceX during the 2nd quarter worth about $20,933,621,000. Darsana Capital Partners LP bought a new position in shares of SpaceX in the second quarter worth about $17,335,783,000. K5 Global Advisor LLC bought a new stake in shares of SpaceX during the second quarter valued at approximately $6,587,531,000. State Street Corp bought a new stake in shares of SpaceX during the second quarter valued at approximately $1,858,329,000. Finally, Dragoneer Investment Group LLC acquired a new stake in shares of SpaceX in the second quarter valued at approximately $1,366,880,000.

SpaceX Stock Performance

The stock has a 50-day moving average of $149.25. 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 company has a market cap of $1.94 trillion and a PE ratio of -1,638.78.

SpaceX (NASDAQ:SPCX) last released its earnings results on Tuesday, October 20th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.25. The business had revenue of $14.57 billion for the quarter. During the same period in the previous year, the company earned ($0.36) earnings per share. The business’s revenue for the quarter was up 161.4% on a year-over-year basis. As a group, research analysts forecast that SpaceX will post 0.07 EPS for the current year.

About SpaceX

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.