SpaceX (NASDAQ:SPCX) Shares Up 2.6% – Still a Buy?

Shares of SpaceX (NASDAQ:SPCX) rose 2.6% on Tuesday . The company traded as high as $118.13 and last traded at $116.41. 81,034,115 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 107,435,172 shares. The stock had previously closed at $113.50.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: The U.S. Space Force awarded SpaceX approximately $1.6 billion for 18 Falcon 9 national-security launches through 2027. The contract provides meaningful revenue visibility and reinforces SpaceX’s strategic role in defense and satellite deployment. SpaceX gets $1.6 billion US Space Force order for 18 Falcon 9 launches
• Positive Sentiment: SpaceX successfully launched a classified National Reconnaissance Office payload from Florida and recovered the Falcon 9 booster, supporting its reputation for reliable, reusable launches. Overnight sonic boom! SpaceX rocket launches from Florida early Thursday on NROL-95 mission
• Positive Sentiment: NASA leadership has backed SpaceX as a key partner for lunar exploration, a future moon base, and orbital artificial-intelligence initiatives. Cathie Wood’s ARK Invest also continued buying the shares, offering a measure of institutional support. SpaceX Wins NASA Backing For Moon Base And Orbital AI Plans

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SPCX. Citigroup initiated coverage on shares of SpaceX in a report on Tuesday, July 7th. They issued a “buy” rating and a $200.00 target price on the stock. Wells Fargo & Company started coverage on SpaceX in a report on Tuesday, July 7th. They issued an “overweight” rating and a $230.00 price objective on the stock. Sanford C. Bernstein reissued an “outperform” rating on shares of SpaceX in a research report on Tuesday. Morgan Stanley restated an “overweight” rating on shares of SpaceX in a research note on Friday, July 24th. Finally, TD Cowen began coverage on SpaceX in a research note on Monday, June 22nd. They set a “buy” rating for the company. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, SpaceX has a consensus rating of “Moderate Buy” and a consensus target price of $230.50.

SpaceX Stock Down 0.1%

SpaceX (NASDAQ:SPCX) last issued its quarterly 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 for the quarter.

Hedge Funds Weigh In On SpaceX

Institutional investors and hedge funds have recently modified their holdings of the stock. Hyperion Asset Management Ltd purchased a new stake in shares of SpaceX during the second quarter worth $201,137,000. Tema ETFs LLC acquired a new position in SpaceX in the 2nd quarter worth about $32,037,000. Teamwork Financial Advisors LLC acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $8,027,000. Heck Capital Advisors LLC bought a new stake in shares of SpaceX in the 2nd quarter valued at approximately $3,768,000. Finally, Dynamic Advisor Solutions LLC acquired a new position in SpaceX in the second quarter worth approximately $3,383,000.

About SpaceX

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.