SpaceX (NASDAQ:SPCX) Shares Climb 1.9% After Analyst Upgrade

SpaceX (NASDAQ:SPCX) traded up 1.9% during trading on Friday after Bank of America raised their price target on the stock from $235.00 to $275.00. Bank of America currently has a buy rating on the stock. SpaceX traded as high as $149.75 and last traded at $147.49. 109,479,767 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 103,360,648 shares. The stock had previously closed at $144.75.

SPCX has been the topic of several other research reports. Cantor Fitzgerald increased their price target on SpaceX from $246.00 to $345.00 and gave the company an “overweight” rating in a report on Tuesday. CLSA initiated coverage on shares of SpaceX in a research note on Monday, September 28th. They issued an “outperform” rating and a $250.00 price objective for the company. Canaccord Genuity Group began coverage on shares of SpaceX in a report on Tuesday, July 7th. They set a “buy” rating and a $246.00 price objective for the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $235.00 target price on shares of SpaceX in a research note on Monday, September 28th. Finally, William Blair reiterated an “outperform” rating on shares of SpaceX in a report on Friday, October 9th. Three investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $244.19.

Insider Activity at SpaceX

In other news, COO Gwynne Shotwell sold 342,170 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $153.57, for a total value of $52,547,046.90. Following the completion of the sale, the chief operating officer directly owned 2,472,035 shares of the company’s stock, valued at approximately $379,630,414.95. This represents a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SpaceX News Roundup

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Analyst double upgrade: PhillipCapital upgraded SpaceX from “Sell” to “Buy” and raised its price target from $75 to $250, citing accelerating growth and improving prospects. SpaceX Just Scored a Double Upgrade
• Positive Sentiment: AI and earnings momentum: SpaceX reported $14.58 billion in third-quarter revenue, up 161% year over year, and $4.4 billion in net income versus a loss a year earlier. Its AI segment reportedly generated more revenue than launches and connectivity combined and became profitable. SpaceX Just Became an AI Company
• Positive Sentiment: Wireless expansion: Reports that SpaceX is seeking access to roughly 80,000 U.S. cell sites strengthened the case that Starlink could become a nationwide wireless competitor. The plan could create a major new revenue opportunity and helped differentiate SpaceX from a conventional launch company. SpaceX seeks access to 80,000 US cell sites
• Positive Sentiment: Starlink scale: Consumer subscribers nearly doubled to 13.6 million, supporting the outlook for SpaceX’s connectivity business, even though average revenue per user declined. SpaceX Nearly Doubled Its Starlink Users
• Neutral Sentiment: Elon Musk endorsed exploring a Tesla-SpaceX merger. Investors see potential AI, robotics and infrastructure synergies, but the transaction would require negotiations, shareholder votes and regulatory approval, while Musk’s conflicts of interest create governance concerns. SpaceX-Tesla merger chatter
• Negative Sentiment: Heavy cash requirements: SpaceX reportedly burned more than $9.9 billion in free cash flow in one quarter and is raising about $40 billion of debt at elevated interest rates. This raises concerns about leverage, capital allocation and the durability of its IPO cash reserves. SpaceX Pays Up for $40 Billion Debt Deal
• Negative Sentiment: Ukraine’s continuing reports of Starlink restrictions could damage SpaceX’s reputation with governments and military customers, while upcoming share unlocks may increase selling pressure.

Institutional Trading of SpaceX

A number of hedge funds have recently bought and sold shares of the stock. SC US Ttgp LTD. acquired a new stake in SpaceX during the second quarter worth about $20,933,621,000. Darsana Capital Partners LP bought a new position in SpaceX during the second quarter valued at about $17,335,783,000. K5 Global Advisor LLC acquired a new position in SpaceX in the 2nd quarter valued at approximately $6,587,531,000. State Street Corp acquired a new position in SpaceX in the 2nd quarter valued at approximately $1,858,329,000. Finally, Dragoneer Investment Group LLC bought a new stake in shares of SpaceX in the 2nd quarter worth approximately $1,366,880,000.

SpaceX Stock Performance

The stock has a market cap of $1.94 trillion and a P/E ratio of -1,638.78. The firm has a 50-day moving average of $149.25. The company has a current ratio of 5.12, a quick ratio of 4.99 and a debt-to-equity ratio of 0.29.

SpaceX (NASDAQ:SPCX) last issued its earnings results on Tuesday, October 20th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.10 by $0.25. The firm had revenue of $14.57 billion during the quarter. During the same period in the prior year, the business posted ($0.36) earnings per share. SpaceX’s revenue for the quarter was up 161.4% compared to the same quarter last year. Sell-side analysts anticipate that SpaceX will post 0.07 earnings per share for the current fiscal year.

SpaceX Company Profile

Space Exploration Technologies Corp., commonly known as SpaceX, is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles and spacecraft designed to reduce the cost of access to space and support commercial, government and scientific missions.

SpaceX’s principal products and services include the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starlink satellite communications network. Falcon rockets are used to launch satellites, cargo and crew, while Dragon spacecraft support transportation to and from low Earth orbit.