First Trust Capital Management L.P. Acquires 3,533,950 Shares of SpaceX $SPCX

First Trust Capital Management L.P. bought a new stake in SpaceX (NASDAQ:SPCX) during the third quarter, Holdings Channel reports. The firm bought 3,533,950 shares of the company’s stock, valued at approximately $533,132,000. SpaceX makes up about 25.6% of First Trust Capital Management L.P.’s portfolio, making the stock its biggest holding.

Several other institutional investors have also recently bought and sold shares of the company. Money Concepts Capital Corp boosted its holdings in SpaceX by 12.3% during the third quarter. Money Concepts Capital Corp now owns 6,463 shares of the company’s stock valued at $975,000 after acquiring an additional 708 shares during the period. truNorth Financial Services Inc. acquired a new position in shares of SpaceX during the 3rd quarter worth about $285,000. Pinegrove Venture Partners LLC acquired a new position in shares of SpaceX during the 3rd quarter worth about $333,226,000. Allworth Financial LP boosted its stake in SpaceX by 23.5% during the 3rd quarter. Allworth Financial LP now owns 18,519 shares of the company’s stock valued at $2,794,000 after purchasing an additional 3,519 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in SpaceX by 2,444.2% during the 3rd quarter. Fisher Asset Management LLC now owns 33,278 shares of the company’s stock valued at $5,020,000 after purchasing an additional 31,970 shares during the period.

Insider Transactions at SpaceX

In other SpaceX news, COO Gwynne Shotwell sold 342,170 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $153.57, for a total value of $52,547,046.90. Following the transaction, the chief operating officer directly owned 2,472,035 shares in the company, valued at $379,630,414.95. The trade was 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.

Trending Headlines about SpaceX

Investors following SPCX have been watching these headlines:

• 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
• Negative Sentiment: The data-center plans require enormous spending and face local approval and infrastructure questions. Analysts have also cautioned that SpaceX will need to work with Texas officials after recent election results to advance its projects, leaving timing and execution risks. Benzinga article

SpaceX Stock Performance

Shares of NASDAQ SPCX opened at $139.94 on Friday. The company has a market capitalization of $1.90 trillion and a PE ratio of 538.23. The firm’s fifty day moving average is $149.12. SpaceX has a 52-week low of $104.83 and a 52-week high of $225.64. 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 (NASDAQ:SPCX) last issued its earnings results on Tuesday, October 20th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.10 by $0.25. SpaceX had a negative net margin of 8.61% and a negative return on equity of 3.24%. The company had revenue of $14.57 billion for the quarter. During the same quarter in the prior year, the firm posted ($0.36) EPS. The firm’s revenue for the quarter was up 161.4% on a year-over-year basis. Analysts predict that SpaceX will post 0.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on SPCX shares. Moffett Nathanson raised their target price on SpaceX from $131.00 to $142.00 and gave the company a “neutral” rating in a report on Monday, September 14th. Wells Fargo & Company boosted their price target on shares of SpaceX from $214.00 to $274.00 and gave the company an “overweight” rating in a report on Wednesday, October 21st. Argus raised shares of SpaceX from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a research report on Friday, August 7th. Wolfe Research restated an “outperform” rating and set a $175.00 price target on shares of SpaceX in a research note on Wednesday, August 26th. Finally, Yorkville Ives assumed coverage on SpaceX in a report on Tuesday, October 6th. They set an “outperform” rating and a $225.00 price objective on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $243.60.

SpaceX Profile

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.