SpaceX (NASDAQ:SPCX) Stock Price Down 3.1% – Here’s What Happened

Shares of SpaceX (NASDAQ:SPCX) fell 3.1% during trading on Thursday . The company traded as low as $130.74 and last traded at $131.11. 54,435,393 shares were traded during trading, a decline of 55% from the average daily volume of 119,722,305 shares. The stock had previously closed at $135.27.

More SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Cathie Wood’s Ark Invest bought more than $51 million of SpaceX shares last week, and additional buying around the dip suggests some investors see the pullback as a buying opportunity. Cathie Wood’s Ark Invest Bought Over $51 Million of SpaceX Stock Last Week
• Positive Sentiment: Several Wall Street firms remain bullish, with analysts at Morgan Stanley, Evercore, Needham, and Raymond James reiterating favorable views and raising price targets on long-term AI, Starship, and vertical-integration upside. Morgan Stanley’s Adam Jonas Reiterates Overweight on SpaceX (SPCX) with Unchanged $300 Price Target, Citing Vertical Integration and Long-Term Growth Potential
• Positive Sentiment: Today’s Starship Flight 13 launch is a key catalyst; a successful test could improve confidence in SpaceX’s execution and support the stock. Unleashed from FAA grounding, SpaceX Starship aims for launch today
• Neutral Sentiment: Coverage on the stock is sharply divided, with some analysts warning the IPO frenzy has gone too far while others argue the recent weakness reflects a normal post-IPO reset rather than a broken business case.
• Neutral Sentiment: SpaceX continues to attract attention from ETFs and space-investing products, including a new options-income ETF tied to SPCX, which adds visibility but also reflects the stock’s growing volatility. YieldMax Introduces Option Income Strategy ETF on Space Exploration Technologies Corp. (SPCX)
• Negative Sentiment: SPCX has fallen back below its IPO price, triggering headlines about losses for recent buyers and fueling concerns that the stock’s initial rally has fully unraveled. Short sellers rack up $8.7 bln profit as SpaceX slips below IPO price – Ortex
• Negative Sentiment: Short sellers now represent a large share of the float and have accumulated about $8.7 billion in paper profits, which is adding technical pressure and keeping traders cautious. Short sellers load up against SpaceX as stock retreats back to IPO price

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SPCX shares. William Blair initiated coverage on shares of SpaceX in a report on Tuesday, July 7th. They set an “outperform” rating for the company. Wolfe Research initiated coverage on shares of SpaceX in a report on Friday, June 12th. They issued an “outperform” rating and a $175.00 target price on the stock. Argus began coverage on shares of SpaceX in a research report on Friday, June 26th. They issued a “hold” rating on the stock. Wells Fargo & Company initiated coverage on SpaceX in a research note on Tuesday, July 7th. They set an “overweight” rating and a $230.00 price target for the company. Finally, The Goldman Sachs Group started coverage on SpaceX in a research note on Tuesday, July 7th. They issued a “buy” rating and a $205.00 price objective for the company. Four analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.78.

SpaceX Stock Down 3.1%

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

Hedge Funds Weigh In On SpaceX

Hedge funds have recently modified their holdings of the company. Hyperion Asset Management Ltd purchased a new position in shares of SpaceX in the 2nd quarter worth approximately $201,137,000. Tema ETFs LLC purchased a new stake in shares of SpaceX during the second quarter valued at approximately $32,037,000. Teamwork Financial Advisors LLC purchased a new stake in shares of SpaceX during the second quarter valued at approximately $8,027,000. Heck Capital Advisors LLC bought a new stake in SpaceX during the second quarter worth $3,768,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in SpaceX during the second quarter worth $3,383,000.

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.