Starship Delay and Rare Hold Rating Push SpaceX Stock Lower Ahead of Earnings
SPCX is trading near its 52-week low of $110.85 (5.4% above the low).
Summary
SpaceX shares fell 2% after another Starship test flight delay and a new Hold rating from HSBC. The launch was scrubbed due to weather, following an earlier engine issue, pushing the next attempt to Friday evening. HSBC initiated coverage with a $115 price target, a rare cautious call on a stock where 76% of analysts are bullish. The stock is now down 50% from its all-time high and 12% below its $135 IPO price, with the first earnings report on Aug. 4 seen as a critical event to demonstrate Starlink growth and stabilize shares.
At the time of this announcement, SPCX was trading at $116.85 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.6T. The 52-week trading range was $110.85 to $225.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.