Pinegrove Venture Partners LLC Makes New Investment in SpaceX $SPCX

Pinegrove Venture Partners LLC acquired a new stake in SpaceX (NASDAQ:SPCX) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,208,845 shares of the company’s stock, valued at approximately $333,226,000. SpaceX makes up approximately 98.1% of Pinegrove Venture Partners LLC’s holdings, making the stock its largest position.

Other hedge funds have also added to or reduced their stakes in the company. Alphabet Inc. lifted its holdings in SpaceX by 0.7% during the third quarter. Alphabet Inc. now owns 555,043,560 shares of the company’s stock worth $83,733,871,000 after acquiring an additional 3,854,060 shares in the last quarter. SC US Ttgp LTD. acquired a new position in SpaceX in the second quarter valued at about $20,933,621,000. Darsana Capital Partners LP bought a new stake 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 in the second quarter worth about $6,587,531,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of SpaceX during the third quarter worth about $4,224,143,000.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPCX. Mizuho set a $205.00 price objective on SpaceX in a report on Wednesday, October 21st. HSBC reiterated a “hold” rating on shares of SpaceX in a research report on Wednesday, October 21st. Needham & Company LLC reissued a “buy” rating and set a $250.00 target price on shares of SpaceX in a research note on Wednesday, October 21st. China Renaissance began coverage on shares of SpaceX in a report on Thursday, November 5th. They set a “buy” rating and a $194.20 target price on the stock. Finally, Oppenheimer lifted their price target on shares of SpaceX from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, September 2nd. Four investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.60.

SpaceX News Roundup

Here’s some of the latest news about SPCX:

• Positive Sentiment: SpaceX plans to invest more than $74 billion in supercomputing campuses in Texas and Arizona—about $24 billion in Texas and $50 billion in Arizona. The projects could expand its AI infrastructure capacity and support a major growth area. Reuters article
• Positive Sentiment: Investors are also responding to speculation that former Nvidia CEO Jensen Huang could join SpaceX after Elon Musk said hiring him “would be an honor.” A move could bolster the company’s AI ambitions, but no hiring decision has been announced. Benzinga article
• Neutral Sentiment: A planned Starship Flight 15, including an attempt to catch both rocket stages, is a high-profile test of SpaceX’s reusability plans. Success could strengthen confidence in its long-term ambitions, while the outcome remains uncertain. Barchart article

SpaceX Trading Up 0.1%

Shares of NASDAQ SPCX opened at $139.94 on Friday. The firm has a market cap of $1.90 trillion and a price-to-earnings ratio of 538.23. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.00 and a current ratio of 3.08. SpaceX has a 1-year low of $104.83 and a 1-year high of $225.64. The business has a fifty day moving average of $149.12.

SpaceX (NASDAQ:SPCX) last released its quarterly earnings results on Tuesday, October 20th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.25. SpaceX had a negative return on equity of 3.24% and a negative net margin of 8.61%. The firm had revenue of $14.57 billion for the quarter. During the same period in the prior year, the business earned ($0.36) EPS. The business’s revenue for the quarter was up 161.4% compared to the same quarter last year. Equities research analysts forecast that SpaceX will post 0.22 EPS for the current year.

Insider Buying and Selling at SpaceX

In other news, COO Gwynne Shotwell sold 342,170 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $153.57, for a total transaction of $52,547,046.90. Following the completion of the transaction, the chief operating officer directly owned 2,472,035 shares of the company’s stock, valued at $379,630,414.95. This represents a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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.