Bank of America Begins Coverage on SpaceX (NASDAQ:SPCX)

Analysts at Bank of America started coverage on shares of SpaceX (NASDAQ:SPCX) in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $235.00 price target on the stock. Bank of America‘s price target would indicate a potential upside of 46.49% from the company’s previous close.

A number of other brokerages also recently weighed in on SPCX. Cantor Fitzgerald assumed coverage on SpaceX in a research report on Tuesday. They set an “overweight” rating and a $246.00 price target on the stock. Wolfe Research started coverage on SpaceX in a research note on Friday, June 12th. They issued an “outperform” rating and a $175.00 price target on the stock. Oppenheimer lifted their price objective on shares of SpaceX from $190.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Seaport Research Partners upgraded shares of SpaceX to a “buy” rating in a report on Monday, June 22nd. Finally, Barclays upgraded shares of SpaceX from an “underweight” rating to an “overweight” rating in a research note on Monday, June 22nd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, SpaceX currently has an average rating of “Moderate Buy” and a consensus price target of $240.52.

SpaceX Stock Down 1.0%

SPCX stock opened at $160.42 on Tuesday. SpaceX has a twelve month low of $147.11 and a twelve month high of $225.64.

SpaceX (NASDAQ:SPCX) last issued its earnings results on Thursday, May 7th. The company reported ($1.27) earnings per share for the quarter. The company had revenue of $4.69 billion for the quarter.

Institutional Investors Weigh In On SpaceX

Several institutional investors have recently made changes to their positions in SPCX. Burkett Financial Services LLC bought a new position in SpaceX during the 2nd quarter worth $70,000. Dogwood Wealth Management LLC acquired a new stake in shares of SpaceX during the 2nd quarter worth $139,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in shares of SpaceX in the second quarter worth $566,000.

Key Stories Impacting SpaceX

Here are the key news stories impacting SpaceX this week:

• Positive Sentiment: SpaceX is set to join the Nasdaq-100, which should trigger forced buying from index funds and ETFs that track the benchmark. Several reports say this could create a meaningful short-term demand boost for SPCX shares. SpaceX set for Nasdaq-100 debut on Tuesday after rule change accelerates inclusion
• Positive Sentiment: Options activity and retail sentiment have been leaning bullish ahead of the index addition, with traders positioning for a possible pop around the inclusion date. Here’s how SpaceX’s Nasdaq-100 inclusion might affect options pricing
• Neutral Sentiment: SpaceX president Gwynne Shotwell said she will donate SpaceX stock to Trump Accounts for children, a headline that is more political and public-relations driven than a direct earnings catalyst. Gwynne Shotwell donating SpaceX stock to Trump Accounts for kids
• Neutral Sentiment: Articles highlighting SpaceX ownership, IPO history, and index-fund exposure mainly reinforce how widely held and closely watched the stock has become, but they do not change fundamentals by themselves. Here’s Who Owns the Most SpaceX Stock
• Neutral Sentiment: New AI-related coverage, including SpaceX’s orbital computing ambitions and xAI/SpaceXAI branding, supports the long-term growth narrative, but investors are also questioning whether the valuation has already priced in too much. SpaceX Unveils AI Data-Center Plan as It Deorbits Starlink Satellites
• Negative Sentiment: Some commentary is warning that SpaceX’s massive valuation and rapid rise may be unsustainable, and one report notes the stock has recently cooled off as space names broadly pulled back. SpaceX Blew Past $2 Trillion and Is Joining the Nasdaq-100. Rocket Ship or Bubble?
• Negative Sentiment: Bearish takes are also pointing to dilution and supply concerns, saying more shares could come into the market over time and pressure the stock after the initial index-related excitement fades. Only 4% of SpaceX Shares Trade Right Now. By December, That Number Could Be 40%. Here’s What That Supply Boost Means for Investors

SpaceX Company Profile

SpaceX, or Space Exploration Technologies Corp., is an American aerospace company focused on the design, manufacture and launch of advanced rockets and spacecraft. The company develops launch vehicles and space systems used for commercial, government and scientific missions, with a strong emphasis on lowering the cost of access to space through reusable rocket technology.

Founded in 2002 by Elon Musk, SpaceX has built a broad portfolio of products and services that includes the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starship development program.