SpaceX (NASDAQ:SPCX) Receives Consensus Rating of “Moderate Buy” from Brokerages

SpaceX (NASDAQ:SPCX) has earned a consensus rating of “Moderate Buy” from the thirty-seven brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, twenty-four have assigned a buy recommendation and four have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $234.7778.

Several analysts have issued reports on SPCX shares. Royal Bank Of Canada initiated coverage on SpaceX in a research note on Tuesday, July 7th. They set an “outperform” rating and a $225.00 price objective on the stock. Stifel Nicolaus initiated coverage on SpaceX in a research report on Tuesday, July 7th. They issued a “buy” rating and a $190.00 target price for the company. Susquehanna initiated coverage on SpaceX in a report on Tuesday, June 23rd. They issued a “neutral” rating and a $170.00 price target for the company. Argus started coverage on SpaceX in a research note on Friday, June 26th. They set a “hold” rating on the stock. Finally, Cfra started coverage on shares of SpaceX in a report on Friday, June 12th. They issued a “sell” rating and a $115.00 price objective for the company.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. KERR FINANCIAL PLANNING Corp acquired a new stake in SpaceX during the second quarter worth about $566,000. Burkett Financial Services LLC acquired a new position in SpaceX in the second quarter valued at approximately $70,000. Dogwood Wealth Management LLC bought a new position in shares of SpaceX during the second quarter valued at approximately $139,000. Dynamic Advisor Solutions LLC bought a new position in shares of SpaceX during the second quarter valued at approximately $3,383,000. Finally, Apella Capital LLC acquired a new stake in shares of SpaceX during the 2nd quarter worth approximately $452,000.

SpaceX Trading Down 5.4%

SPCX opened at $123.99 on Friday. SpaceX has a 1-year low of $122.12 and a 1-year high of $225.64.

SpaceX (NASDAQ:SPCX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.27) EPS for the quarter. The firm had revenue of $4.69 billion for the quarter.

Trending Headlines about SpaceX

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.