SpaceX (NASDAQ:SPCX) Upgraded by Piper Sandler to “Hold” Rating

Piper Sandler upgraded shares of SpaceX (NASDAQ:SPCX) to a hold rating in a research report report published on Wednesday,Zacks.com reports.

A number of other brokerages have also recently weighed in on SPCX. TD Cowen began coverage on SpaceX in a research report on Monday, June 22nd. They issued a “buy” rating on the stock. Needham & Company LLC boosted their target price on shares of SpaceX from $200.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday. Evercore started coverage on shares of SpaceX in a report on Tuesday. They issued an “outperform” rating and a $230.00 target price on the stock. Daiwa Securities Group initiated coverage on shares of SpaceX in a research report on Thursday, July 2nd. They set a “neutral” rating and a $175.00 target price for the company. Finally, Sanford C. Bernstein began coverage on shares of SpaceX in a report on Tuesday, July 7th. They set an “outperform” rating and a $239.00 price target for the company. Four analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $234.78.

SpaceX Price Performance

Shares of SPCX opened at $131.11 on Wednesday. SpaceX has a 12 month low of $130.74 and a 12 month high of $225.64.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPCX. Beacon Investment Advisory Services Inc. bought a new stake in SpaceX during the 2nd quarter worth about $174,000. Beaird Harris Wealth Management LLC bought a new position in shares of SpaceX in the second quarter worth about $120,000. Teamwork Financial Advisors LLC acquired a new position in shares of SpaceX during the second quarter worth approximately $8,027,000. Cooper Financial Group acquired a new position in shares of SpaceX during the second quarter worth approximately $950,000. Finally, Ebert Capital Management Inc. bought a new stake in shares of SpaceX during the second quarter valued at approximately $647,000.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Several Wall Street firms remain constructive, with analysts from Morgan Stanley, Evercore, Needham, and Raymond James reiterating or raising bullish price targets on the back of SpaceX’s long-term launch, Starlink, and AI-related growth potential.
• Positive Sentiment: Cathie Wood’s ARK Invest bought more SpaceX shares ahead of the Starship test, signaling that some prominent investors see the recent weakness as a buying opportunity.
• Positive Sentiment: SpaceX is still getting attention for future growth catalysts, including Starship Flight 13, expanded Starlink adoption, and plans for AI compute satellites and other space-based infrastructure.
• Neutral Sentiment: The company’s Starship test was aborted before liftoff after ignition/at the last second, which delays a key near-term catalyst but does not indicate a failure in the program itself. SpaceX suddenly aborts second Starship V3 launch after ignition
• Neutral Sentiment: Commentary around SpaceX becoming the most shorted new stock and short sellers earning billions reflects heavy bearish positioning, but also highlights that the stock is now a major battleground between bulls and bears. Short sellers rack up $8.7 bln profit as SpaceX slips below IPO price -Ortex
• Negative Sentiment: SpaceX’s break below its IPO price has been widely viewed as a sign that the debut rally is fading, and the stock is now trading more like a volatile momentum name than a newly listed growth story.
• Negative Sentiment: Investor concern is also being fueled by articles questioning whether the stock could fall further, with some skeptics arguing SpaceX remains expensive relative to near-term profitability.

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.