SpaceX (SPCX) Stock Drops as Launch Delays and Short Sellers Weigh

TLDR

• SpaceX stock dropped around 2.5% to $115.26 Friday after another Starship test flight delay
• HSBC initiated coverage with a Hold rating and a $115 price target, bucking the bullish Wall Street trend
• The 13th Starship test flight has now been delayed twice — first for an engine issue, then for weather
• Short sellers have racked up an estimated $15.5 billion in paper profits since the June IPO
• SpaceX’s first earnings report is due August 4, with Starlink growth seen as the key metric to watch

SpaceX stock slipped 2.5% to $115.26 on Friday morning, weighed down by back-to-back Starship launch delays and a surprise Hold rating from HSBC analyst Nicolas Cote-Colisson, who set a $115 price target on the stock.

Space Exploration Technologies Corp., SPCX

The stock is now down nearly 50% from its all-time high of $225.64 and down 12% from its June IPO price of $135.

The 13th Starship test flight has been scrubbed twice. The first attempt on July 17 was aborted after several Raptor engines on the Super Heavy booster failed to ignite. The second attempt on July 23 was called off due to weather conditions affecting visibility of the spacecraft’s heat shield.

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