SpaceX (NASDAQ:SPCX) Reaches New 12-Month Low – Time to Sell?

SpaceX (NASDAQ:SPCX)’s stock price hit a new 52-week low on Monday . The company traded as low as $106.69 and last traded at $106.69, with a volume of 2286886 shares. The stock had previously closed at $108.37.

SpaceX News Summary

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX reported second-quarter revenue of $7.81 billion, up 91.9% year over year and above the approximately $6.93 billion consensus estimate. Its loss of $0.09 per share also beat expectations for a $0.26 loss. Reuters earnings report
• Positive Sentiment: Starlink remained the company’s financial engine, generating about $4.29 billion in revenue and $1.66 billion in operating profit. Strong satellite-internet demand, cloud-computing agreements with companies including Anthropic and Google, and a reported $47.5 billion backlog support the long-term growth case. TechCrunch revenue report
• Positive Sentiment: Management outlined additional growth opportunities, including Starlink mobile connectivity, while Elon Musk said SpaceX will build exclusively on Nvidia’s Vera Rubin platform for space-computing projects. These initiatives could expand future revenue, although they require substantial investment. Benzinga Nvidia platform report

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Raymond James Financial reaffirmed a “strong-buy” rating on shares of SpaceX in a report on Monday, July 27th. Mizuho initiated coverage on SpaceX in a research note on Tuesday, July 7th. They set an “outperform” rating and a $200.00 price objective for the company. Phillip Securities upgraded SpaceX to a “strong sell” rating in a report on Friday, July 31st. Daiwa Securities Group initiated coverage on SpaceX in a report on Thursday, July 2nd. They set a “neutral” rating and a $175.00 target price for the company. Finally, Oppenheimer increased their price target on SpaceX from $190.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. 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 two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, SpaceX currently has a consensus rating of “Moderate Buy” and an average target price of $230.50.

SpaceX Stock Performance

SpaceX (NASDAQ:SPCX) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.17. The firm had revenue of $7.81 billion for the quarter. The business’s revenue was up 91.9% compared to the same quarter last year.

Institutional Inflows and Outflows

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