SpaceX (SPCX) Stock Rises 4% After Analyst Upgrade and ARK Invest Buys $37M
TLDR
- SpaceX stock rose 4.2% to $138.74 after Wall Street Zen upgraded it from “sell” to “hold”
- Trading volume was 46% above the daily average at 167 million shares
- Quarterly revenue hit $7.81 billion, up 91.9% year over year, with a narrower-than-expected loss of $0.09 per share
- ARK Invest bought roughly $36.9 million worth of SpaceX stock across four funds following the post-earnings dip
- Consensus analyst rating sits at “Moderate Buy” with an average price target of $227.31
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.
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