Space Exploration Technologies Corp. (NASDAQ:SPCX) stock traded modestly lower Friday as investors pulled back from high-growth names amid a broader risk-off market.
The Nasdaq Composite fell 0.48%, while the S&P 500 declined 0.06%.
Analysts Point To Long-Term Narrative
D.A. Davidson analyst Gil Luria told CNBC on Friday that SpaceX is trading largely on future expectations, similar to other Elon Musk-led companies. He said investors are assigning value to long-term opportunities such as Mars exploration and space-based data centers.
Vanda strategist Viraj Patel told CNBC that SpaceX has attracted strong retail interest because it combines a transformational technology story, an ambitious long-term vision, a high-profile founder and extensive media attention.
Morningstar Wealth’s Mike Coop told CNBC that the “cult of Elon” continues to draw retail investors and contribute to elevated volatility.
The stock has a Hold rating and an average price forecast of $158.33 (high $190.00, low $115.00) from seven analysts. Recent analyst moves include:
- Argus Research: Initiated with Hold (June 26)
- Susquehanna: Initiated with Neutral (Forecast $170.00) (June 23)
- Keybanc: Initiated with Sector Weight (June 22)
SpaceX Price Action
SPCX Price Action: SpaceX shares were down 0.47% at $152.28 at the time of publication on Friday, according to Benzinga Pro data.
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