SpaceX (SPCX) climbed 4.2% on Monday to close at $138.74, after Wall Street Zen lifted its rating from “sell” to “hold.” The stock hit an intraday high of $139.26, with volume coming in 46% above its daily average.
Space Exploration Technologies Corp., SPCX
The move follows a rocky stretch after SpaceX’s first public earnings report on August 4. Revenue came in at $7.81 billion for the quarter, up 91.9% year over year. The loss per share of $0.09 beat the consensus estimate of $0.26 by a wide margin.
Despite the better-than-expected numbers, the stock initially sold off. The concern? Capital expenditures reached $18.4 billion in the quarter, and the company is still loss-making.
That didn’t stop ARK Invest from stepping in. Cathie Wood’s firm bought 316,963 SpaceX shares across four funds last week, totalling roughly $36.9 million. ARK cited what it sees as underestimated long-term potential in Starlink, AI infrastructure and space-based operations.
SpaceX was ARK’s largest single-company purchase in the period. The buying came right after the post-earnings pullback, which ARK appeared to treat as an entry point.
The SpaceX buying was part of a wider rotation. ARK also added roughly $13.2 million of CoreWeave, $13.1 million of Cerebras and $17.6 million of Nvidia. On the sell side, ARK unloaded about $96 million of Roblox and $21 million of Palantir.
The move signals a shift away from software names and toward infrastructure-heavy plays in AI and space.
A separate overhang also cleared during the week. The release of more than 900 million previously locked-up shares on August 6 did not trigger the sharp sell-off many had feared. Another unlock is reportedly scheduled for August 20.
Retail investors did flip to net sellers for the first time since the June IPO, offloading around $4.5 million. The amount is small, but it marks a change in tone from the retail side.
Analyst coverage has been building since the IPO. Bank of America and Guggenheim both carry “buy” ratings, with Bank of America setting a $235 price target. Evercore and Mizuho both rate the stock “outperform,” with targets of $230 and $200 respectively.
Piper Sandler trimmed its target from $156 to $140 and kept a “neutral” rating. The current consensus across 40 analysts sits at “Moderate Buy” with an average target of $227.31.
The stock’s 50-day moving average stands at $143.35. SpaceX carries a debt-to-equity ratio of 0.29, a quick ratio of 4.99 and a current ratio of 5.12.
Analysts currently project a full-year EPS of -$0.11 for the current fiscal year. A Falcon 9 booster is scheduled to complete its 18th flight in an upcoming Starlink satellite deployment, underlining the company’s launch pace.
The post SpaceX (SPCX) Stock Rises 4% After Analyst Upgrade and ARK Invest Buys $37M appeared first on CoinCentral.
