SpaceX (NASDAQ:SPCX) Trading Down 2% – What’s Next?

SpaceX (NASDAQ:SPCX) shares dropped 2% during mid-day trading on Monday . The stock traded as low as $146.00 and last traded at $148.15. Approximately 67,407,715 shares traded hands during trading, a decline of 35% from the average daily volume of 104,005,219 shares. The stock had previously closed at $151.21.

More SpaceX News

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: Starship orbital test scheduled for Sept. 22: SpaceX plans to attempt Starship’s first orbital flight and deploy Starlink V3 satellites. A successful mission could improve confidence in the company’s launch, satellite and future space-infrastructure ambitions. SpaceX targets first Starship orbital test on September 22
• Positive Sentiment: Starlink and AI infrastructure catalysts: Elon Musk says Starlink V3 could deliver more than 100 times the bandwidth of earlier systems, while reports point to a major AI-hosting agreement beginning Dec. 1. SpaceX also expects to launch NVIDIA AI computers into orbit in 2027, though execution remains unproven. Musk touts Starlink V3 bandwidth and Starship launch
• Positive Sentiment: Index-related buying may provide short-term support: SpaceX’s Nasdaq-100 weighting is expected to rise from about 1.28% to 2.82% as its public float expands, potentially forcing index funds to purchase billions of dollars of SPCX shares. SpaceX Nasdaq-100 weighting boost
• Neutral Sentiment: New commercial opportunities are emerging: SpaceX’s Starfall business signed its first customer, European mission integrator Space Cargo, for orbital payload-return services. Musk also revived speculation about a potential Tesla-SpaceX combination, but no transaction has been announced. SpaceX’s first Starfall customer
• Negative Sentiment: Large insider share unlock approaches: Approximately 328 million shares may become eligible for sale Sept. 24, with additional unlocks extending into 2027. Potential insider selling could increase supply and pressure SPCX after the index-driven demand fades. SpaceX’s next share unlock
• Negative Sentiment: Valuation and execution risks remain elevated: Analysts and commentators note that SpaceX trades at an exceptionally high sales multiple, while orbital data centers, Starship commercialization and aggressive AI spending require substantial capital and have not yet been fully proven.
• Neutral Sentiment: Apple antitrust case changes: X and SpaceXAI dropped Apple from their lawsuit, and a federal judge is seeking details of any settlement; OpenAI remains a defendant. The development is unlikely to materially affect SpaceX’s core operating outlook. SpaceXAI Apple antitrust case

Analyst Upgrades and Downgrades

SPCX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. started coverage on shares of SpaceX in a research report on Tuesday, July 7th. They issued an “overweight” rating and a $225.00 price target on the stock. Wolfe Research restated an “outperform” rating and set a $175.00 price target on shares of SpaceX in a report on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft began coverage on SpaceX in a research report on Tuesday, July 7th. They issued a “buy” rating and a $255.00 price target on the stock. Canaccord Genuity Group started coverage on SpaceX in a research report on Tuesday, July 7th. They set a “buy” rating and a $246.00 price objective for the company. Finally, Guggenheim began coverage on SpaceX in a research note on Friday, August 7th. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $221.42.

SpaceX Stock Performance

The company has a quick ratio of 4.99, a current ratio of 5.12 and a debt-to-equity ratio of 0.29. The stock’s 50 day simple moving average is $134.43. The company has a market cap of $1.88 trillion and a PE ratio of -1,594.33.

SpaceX (NASDAQ:SPCX) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.17. The company had revenue of $7.81 billion during the quarter. The company’s revenue for the quarter was up 91.9% compared to the same quarter last year. On average, equities research analysts anticipate that SpaceX will post -0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SpaceX

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPCX. Wedbush Securities Inc. acquired a new position in shares of SpaceX in the 2nd quarter valued at $5,094,000. Hyperion Asset Management Ltd bought a new position in shares of SpaceX during the 2nd quarter worth about $201,137,000. K5 Global Advisor LLC acquired a new stake in shares of SpaceX during the 2nd quarter valued at about $6,587,531,000. Assenagon Asset Management S.A. bought a new stake in SpaceX in the second quarter valued at about $2,502,000. Finally, Turner Financial Group Inc. bought a new stake in SpaceX in the second quarter valued at about $1,228,000.

About SpaceX

Space Exploration Technologies Corp. (SpaceX) is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles, spacecraft and satellite systems, serving commercial, government and scientific customers.

SpaceX’s principal products include the Falcon 9 and Falcon Heavy rockets, which are used to launch satellites, spacecraft and other payloads into orbit. The company also develops the Dragon spacecraft, which supports cargo and crew missions to low Earth orbit, including missions for NASA and other customers.

Through its Starlink business, SpaceX operates a large constellation of low Earth orbit satellites that provides broadband internet service to customers in numerous countries and regions.