SpaceX (NASDAQ:SPCX) Shares Down 2.7% – Here’s What Happened

SpaceX (NASDAQ:SPCX)’s stock price dropped 2.7% on Friday . The company traded as low as $111.40 and last traded at $115.07. 53,741,865 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 109,851,375 shares. The stock had previously closed at $118.24.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Alphabet disclosed a roughly $94 billion stake in SpaceX, reinforcing strong strategic investor confidence and highlighting a major customer relationship that could support future AI/data-center opportunities. Article Title
• Positive Sentiment: Reports that SpaceX is scouting Texas for new AI data centers suggest the company may be expanding beyond rockets into a higher-growth compute business, which some analysts say points to continued demand. Article Title
• Neutral Sentiment: SpaceX is preparing for its 13th Starship test flight after earlier scrubs, and investors are watching closely because a successful launch could improve sentiment and show progress on key execution milestones. Article Title
• Neutral Sentiment: SpaceX’s first quarterly earnings report as a public company is due on Aug. 4, giving investors a key near-term catalyst to judge revenue growth, margins, and execution against its premium valuation. Article Title
• Neutral Sentiment: Several articles highlight that Cathie Wood and some ETFs continue buying SpaceX, but these flows are being offset by broader concerns about valuation and upcoming share unlocks. Article Title
• Negative Sentiment: HSBC initiated coverage with a Hold rating and a price target below SpaceX’s IPO price, adding to bearish analyst sentiment and reinforcing concerns that the stock may have run ahead of fundamentals. Article Title
• Negative Sentiment: Weather-related delays pushed back the Starship launch again, which weighs on sentiment because repeated postponements raise questions about execution and near-term catalysts. Article Title
• Negative Sentiment: Broader commentary on heavy short interest, a looming lock-up expiration, and persistent selling pressure suggests more supply could hit the market, which may keep the stock weak in the short term. Article Title

Analyst Ratings Changes

Several equities research analysts recently commented on SPCX shares. The Goldman Sachs Group began coverage on SpaceX in a report on Tuesday, July 7th. They set a “buy” rating and a $205.00 target price on the stock. Deutsche Bank Aktiengesellschaft began coverage on SpaceX in a research note on Tuesday, July 7th. They issued a “buy” rating and a $255.00 price objective on the stock. Wedbush initiated coverage on SpaceX in a research note on Tuesday, June 30th. They set an “outperform” rating and a $190.00 target price for the company. Cantor Fitzgerald started coverage on SpaceX in a report on Tuesday, July 7th. They set an “overweight” rating and a $246.00 target price on the stock. Finally, Moffett Nathanson initiated coverage on shares of SpaceX in a research report on Tuesday, July 7th. They issued a “neutral” rating and a $131.00 price target on the stock. Four analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $230.50.

SpaceX Stock Down 2.7%

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 Trading of SpaceX

Hedge funds have recently modified their holdings of the business. Hyperion Asset Management Ltd acquired a new position in shares of SpaceX in the 2nd quarter valued at about $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 purchased a new stake in shares of SpaceX during the 2nd quarter worth about $8,027,000. Heck Capital Advisors LLC acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $3,768,000. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $3,383,000.

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.