SpaceX (NASDAQ:SPCX) Trading Down 4.9% – Here’s Why

Shares of SpaceX (NASDAQ:SPCX) dropped 4.9% during mid-day trading on Wednesday . The stock traded as low as $187.01 and last traded at $191.82. Approximately 198,547,295 shares were traded during trading, a decline of 23% from the average daily volume of 258,655,328 shares. The stock had previously closed at $201.80.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Strong investor demand remains the main support for SpaceX, with record options activity, heavy retail buying, and new leveraged ETFs amplifying trading volume and keeping momentum in the stock. SpaceX options list on Tuesday. Here’s what to watch
• Positive Sentiment: SpaceX’s $60 billion all-stock acquisition of AI coding startup Cursor is reinforcing the company’s AI growth narrative and suggesting management is using its new market currency to expand beyond rockets and Starlink. SpaceX to acquire the AI coding startup Cursor for $60 billion
• Positive Sentiment: Several headlines note that SpaceX’s post-IPO rally has pushed its valuation past Amazon and briefly near the next major mega-cap thresholds, which is keeping speculative money focused on the stock. SpaceX set to surpass Amazon’s market cap as post-IPO rally continues
• Neutral Sentiment: There are also signs of market rotation into and around SpaceX, including index-fund inclusion chatter and sector-wide trading flows, which may keep volatility elevated without giving a clear directional signal. SpaceX trading hits bonkers levels as new ETFs see a massive cash influx
• Negative Sentiment: Investors are increasingly worried the stock has outrun fundamentals, with multiple analysts warning that SpaceX is expensive, overhyped, and vulnerable to a sharp pullback once the post-IPO excitement fades. Sell SpaceX: Don’t Get Trapped By One Of The Most Extreme Valuation Traps In History
• Negative Sentiment: Recent commentary also highlights upcoming lock-up expirations and dilution risk, which could increase supply and pressure the stock if buyers step back. SpaceX Stock Will Face a Reckoning When Investor Lockups End

Wall Street Analysts Forecast Growth

SPCX has been the subject of several research analyst reports. Cfra assumed coverage on SpaceX in a research note on Friday, June 12th. They set a “sell” rating and a $115.00 price target for the company. New Street Research upgraded SpaceX to a “strong-buy” rating in a report on Thursday, June 11th. KGI Securities assumed coverage on SpaceX in a report on Thursday, June 11th. They issued an “outperform” rating on the stock. Oppenheimer set a $190.00 price objective on SpaceX and gave the stock an “outperform” rating in a report on Thursday, June 11th. Finally, Wolfe Research assumed coverage on SpaceX in a report on Friday, June 12th. They issued an “outperform” rating and a $175.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, SpaceX presently has an average rating of “Moderate Buy” and a consensus price target of $161.25.

SpaceX Trading Down 4.9%

SpaceX (NASDAQ:SPCX) last posted its earnings results on Thursday, May 7th. The company reported ($1.27) earnings per share for the quarter. The business had revenue of $4.69 billion during the quarter.

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.