SpaceX (NASDAQ:SPCX) Stock Price Down 7.8% – Time to Sell?

SpaceX (NASDAQ:SPCX) was down 7.8% on Wednesday . The stock traded as low as $155.00 and last traded at $157.54. Approximately 106,422,195 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 159,186,438 shares. The stock had previously closed at $170.86.

Trending Headlines about SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Wedbush launched coverage of SpaceX (SPCX) with a Buy rating and $190 target, citing upside from Starlink, launch services, and AI-related businesses. SpaceX Stock Gets Buy Rating From a Tesla Bull Who Knows The Biggest Risk
• Positive Sentiment: SpaceX (SPCX) is headed into the Nasdaq-100 on July 7, a move expected to bring large passive inflows from index funds and ETFs. SpaceX Achieves Escape Velocity With Nasdaq Fast-Track
• Positive Sentiment: Dan Ives said SpaceX (SPCX) may be one of the best AI plays because of its demand flywheel and expanding AI infrastructure ambitions. Dan Ives Says SpaceX’s Demand Flywheel is Just Getting Started

Analyst Ratings Changes

SPCX has been the topic of several analyst reports. KGI Securities lowered SpaceX from an “outperform” rating to a “hold” rating in a report on Monday, June 22nd. Wall Street Zen raised shares of SpaceX to a “sell” rating in a research report on Saturday, June 20th. Wolfe Research initiated coverage on shares of SpaceX in a research note on Friday, June 12th. They set an “outperform” rating and a $175.00 price objective on the stock. Wedbush started coverage on shares of SpaceX in a report on Tuesday. They issued an “outperform” rating and a $190.00 target price on the stock. Finally, Cfra began coverage on shares of SpaceX in a report on Friday, June 12th. They set a “sell” rating and a $115.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $209.43.

SpaceX Price Performance

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

Insider Transactions at SpaceX

In related news, CEO Elon Musk sold 11,390 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $105.32, for a total value of $1,199,594.80. Following the completion of the transaction, the chief executive officer owned 526,165,900 shares of the company’s stock, valued at $55,415,792,588. This represents a 0.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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.