SpaceX (NASDAQ:SPCX) Upgraded at Piper Sandler

Piper Sandler upgraded shares of SpaceX (NASDAQ:SPCX) to a hold rating in a report issued on Wednesday,Zacks.com reports.

SPCX has been the topic of several other reports. Mizuho began coverage on shares of SpaceX in a research note on Tuesday, July 7th. They set an “outperform” rating and a $200.00 price target on the stock. Clear Str upgraded SpaceX to a “strong-buy” rating in a research report on Tuesday, July 7th. New Street Research raised SpaceX to a “strong-buy” rating in a research note on Thursday, June 11th. Oppenheimer boosted their target price on SpaceX from $190.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Finally, Wall Street Zen raised SpaceX from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $234.78.

SpaceX Trading Down 5.4%

Shares of NASDAQ SPCX opened at $123.99 on Wednesday. SpaceX has a 12-month low of $122.12 and a 12-month high of $225.64.

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

Hedge Funds Weigh In On SpaceX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atwood & Palmer Inc. acquired a new position in shares of SpaceX during the 2nd quarter worth about $29,000. Beacon Investment Advisory Services Inc. acquired a new stake in shares of SpaceX in the 2nd quarter valued at approximately $174,000. Strategic Investment Solutions Inc. IL bought a new position in SpaceX during the 2nd quarter worth approximately $181,000. Teamwork Financial Advisors LLC bought a new position in SpaceX during the 2nd quarter worth approximately $8,027,000. Finally, Ebert Capital Management Inc. acquired a new position in SpaceX during the second quarter valued at approximately $647,000.

Key SpaceX News

Here are the key news stories impacting SpaceX this week:

• Negative Sentiment: The Starship launch abort raised doubts about near-term technical progress and added pressure to the stock. SpaceX Starship rocket aborts before liftoff in 13th flight test attempt
• Negative Sentiment: Short sellers have increased bets against SpaceX, with reports showing billions in paper profits as the shares slid below IPO price. Short sellers rack up $8.7 bln profit as SpaceX slips below IPO price -Ortex
• Negative Sentiment: The stock has also been pressured by concerns about insider lockup expiration and questions over whether the current valuation is justified. SpaceX Is ‘Coming Back Down to Earth,’ Peter Schiff Warns Ahead of Insider Lockup Expiry

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.