SpaceX (SPCX) Stock Finally Bounces After Four Brutal Weeks of Losses

TLDR

• SpaceX Q2 revenue hit $7.8 billion, up 92% year-over-year, beating Wall Street’s $6.8 billion estimate
• EBITDA came in at $3.5 billion, crushing the $2.1 billion consensus
• Stock is up 7.8% this week, on track to snap a four-week losing streak
• Argus upgraded SPCX to Buy with a $160 price target
• Retail investors are sitting on roughly $4.5 billion in losses since the IPO

SpaceX stock climbed more than 6% on Friday to around $116.82, putting the stock on track to end a brutal four-week losing streak that had wiped out 33% of its value.

Space Exploration Technologies Corp., SPCX

The bounce follows a strong second-quarter earnings report released Tuesday evening. SpaceX posted revenues of $7.8 billion, a 92% jump year-over-year, well above the Street’s $6.8 billion forecast. EBITDA came in at $3.5 billion, against expectations of around $2.1 billion.

The stock came to market at $135 in its IPO and has had a rough ride since then, falling as much as 50% from its $225.64 peak. It is currently trading roughly 15% below its IPO price.

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