Shares of SpaceX (SPCX) advanced 4.2% during Monday’s trading session, finishing at $138.74, following Wall Street Zen’s decision to raise its rating from “sell” to “hold.” The stock reached an intraday peak of $139.26, while trading activity surpassed the daily average by 46%.
Space Exploration Technologies Corp., SPCX
This upward movement comes after a turbulent period following SpaceX’s maiden public earnings announcement on August 4. The company reported quarterly revenue of $7.81 billion, marking a 91.9% surge compared to the same period last year. The reported loss of $0.09 per share significantly outperformed the analyst consensus of $0.26.
However, even with these stronger-than-anticipated results, the stock faced initial selling pressure. Investor concerns centered on the company’s $18.4 billion quarterly capital expenditure and continued unprofitability.
Yet ARK Invest saw an opportunity. The investment firm led by Cathie Wood accumulated 316,963 SpaceX shares across its four funds during the previous week, representing an investment of approximately $36.9 million. ARK’s rationale focused on what the firm believes is underappreciated long-term value in Starlink, artificial intelligence infrastructure, and space-based commercial activities.
This represented ARK’s most significant single-stock acquisition during that timeframe. The purchases occurred immediately following the post-earnings decline, which ARK evidently viewed as a favorable buying opportunity.
The SpaceX acquisition formed part of a comprehensive portfolio realignment. ARK simultaneously added approximately $13.2 million in CoreWeave, $13.1 million in Cerebras, and $17.6 million in Nvidia. Conversely, the firm divested roughly $96 million worth of Roblox and $21 million in Palantir holdings.
This strategic shift demonstrates a pivot from software-focused investments toward infrastructure-intensive opportunities in artificial intelligence and aerospace sectors.
An additional concern also dissipated during the week. The August 6 unlock of over 900 million previously restricted shares failed to produce the dramatic selloff many market participants had anticipated. Reports indicate another share unlock is planned for August 20.
Meanwhile, retail investors turned into net sellers for the first occasion since the June initial public offering, disposing of approximately $4.5 million in shares. While the dollar amount remains modest, it represents a notable shift in retail investor sentiment.
Wall Street coverage has expanded steadily since the company went public. Bank of America and Guggenheim maintain “buy” recommendations, with Bank of America establishing a $235 price objective. Evercore and Mizuho assign “outperform” ratings, with respective targets of $230 and $200.
Piper Sandler reduced its price target from $156 down to $140 while maintaining a “neutral” stance. The aggregate consensus among 40 covering analysts indicates a “Moderate Buy” rating with an average price objective of $227.31.
The equity’s 50-day moving average currently sits at $143.35. SpaceX maintains a debt-to-equity ratio of 0.29, alongside a quick ratio of 4.99 and current ratio of 5.12.
Wall Street analysts project full-year earnings per share of -$0.11 for the current fiscal period. Meanwhile, a Falcon 9 first-stage booster is set to complete its 18th mission during an upcoming Starlink satellite launch, demonstrating the company’s sustained operational tempo.
The post SpaceX (SPCX) Stock Surges 4% as ARK Invest Scoops Up $37M in Shares appeared first on Blockonomi.
