SpaceX’s (SPCX) Outperform Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reiterated their outperform rating on shares of SpaceX (NASDAQ:SPCX) in a report released on Monday morning, MarketBeat reports. Royal Bank Of Canada currently has a $225.00 target price on the stock.

A number of other equities research analysts have also recently weighed in on SPCX. Seaport Research Partners upgraded SpaceX to a “buy” rating in a research note on Monday, June 22nd. Mizuho assumed coverage on shares of SpaceX in a report on Tuesday, July 7th. They issued an “outperform” rating and a $200.00 target price for the company. Stifel Nicolaus began coverage on shares of SpaceX in a research report on Tuesday, July 7th. They set a “buy” rating and a $190.00 price target for the company. Moffett Nathanson began coverage on shares of SpaceX in a report on Tuesday, July 7th. They issued a “neutral” rating and a $131.00 price target on the stock. Finally, Clear Str raised shares of SpaceX to a “strong-buy” rating in a research report on Tuesday, July 7th. Three analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $229.39.

SpaceX Price Performance

Shares of NASDAQ:SPCX opened at $108.29 on Monday. SpaceX has a 52 week low of $104.83 and a 52 week high of $225.64.

SpaceX (NASDAQ:SPCX) last announced its earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion for the quarter. The company’s revenue was up 91.9% on a year-over-year basis.

Institutional Investors Weigh In On SpaceX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atwood & Palmer Inc. acquired a new stake in SpaceX in the second quarter worth about $29,000. Marquette Asset Management LLC acquired a new position in shares of SpaceX during the second quarter valued at about $32,000. Burkett Financial Services LLC purchased a new position in shares of SpaceX in the 2nd quarter valued at approximately $70,000. Contravisory Investment Management Inc. purchased a new position in shares of SpaceX in the 2nd quarter valued at approximately $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in SpaceX in the 2nd quarter worth approximately $89,000.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX reported second-quarter revenue of $7.81 billion, up 91.9% year over year, while its $0.09-per-share loss was narrower than the $0.26 loss analysts expected. Starlink growth, AI-computing contracts and cloud demand drove the revenue beat. Reuters earnings report
• Positive Sentiment: Management outlined an aggressive long-term growth outlook, targeting a $100 billion annualized revenue run rate by December and potentially $1 trillion in annual revenue by 2030. Analysts including Needham, Cantor Fitzgerald and Bank of America maintained bullish ratings or price targets well above current levels. Jim Cramer SpaceX outlook
• Positive Sentiment: Elon Musk said SpaceX will use Nvidia chips exclusively for its AI buildout, potentially securing substantial computing capacity and reinforcing demand for SpaceX’s AI services. Retail investors have also been buying the selloff, providing some near-term support. Musk Nvidia comments
• Neutral Sentiment: SpaceX spent $295 million on Tesla Megapack batteries during the quarter to support AI data centers in Memphis. The purchases deepen ties between Musk’s companies and support infrastructure expansion, but also highlight the scale of required investment. SpaceX Tesla Megapack purchases
• Negative Sentiment: Capital expenditures jumped to approximately $18.4 billion, including $15.8 billion for AI infrastructure. Investors are concerned about cash burn, losses in newer businesses, valuation and whether cloud contracts will generate adequate returns quickly enough.
• Negative Sentiment: About 911.5 million restricted shares become eligible for sale on August 6, potentially more than doubling SpaceX’s public float. The supply overhang is especially concerning because it follows the earnings selloff and could encourage additional insider selling. Reuters SpaceX lockup expiry report

SpaceX Company Profile

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.