Elon Musk Sells 11,390 Shares of SpaceX (NASDAQ:SPCX) Stock

SpaceX (NASDAQ:SPCX) CEO Elon Musk sold 11,390 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $105.32, for a total value of $1,199,594.80. Following 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

SpaceX Stock Down 3.6%

Shares of NASDAQ SPCX opened at $185.00 on Friday. SpaceX has a 52-week low of $149.34 and a 52-week high of $225.64.

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

SpaceX News Roundup

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX earned investment-grade credit ratings from Moody’s, S&P, and Fitch with stable outlooks, which should help support financing flexibility and reduce some balance-sheet concerns. SpaceX gets investment-grade ratings with stable outlook from top agencies
• Positive Sentiment: Wall Street continues to see major upside if SpaceX’s AI and space businesses scale, with some analysts issuing aggressive price targets and pointing to the Cursor acquisition as a strategic catalyst. Cursor deal positions SpaceX to be a $3T behemoth, analyst says
• Positive Sentiment: Index and ETF inclusion continues to create steady buy-side demand, potentially cushioning the stock as passive funds and thematic products add exposure. Index Investors: Here’s How Much SpaceX Stock You’re About to Own

Wall Street Analysts Forecast Growth

SPCX has been the topic of several recent analyst reports. Arete Research set a $401.00 target price on SpaceX and gave the stock a “buy” rating in a report on Thursday. Oppenheimer raised their price target on SpaceX from $190.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday. New Street Research upgraded SpaceX to a “strong-buy” rating in a research report on Thursday, June 11th. Cfra initiated coverage on SpaceX in a research note on Friday, June 12th. They issued a “sell” rating and a $115.00 price objective on the stock. Finally, Zacks Research upgraded SpaceX to a “hold” rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $221.20.

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.