SpaceX stock (SPCX) is on a hot streak over the last five days, gaining as much as 16% and returning to its IPO launch price. An IPO lock-up expiration made over 911 million SpaceX shares eligible to trade this week, and more than 4 billion additional shares will unlock by the end of the year. Compared to its IPO price, the Elon Musk-led space company’s stock remains down 11%; however, the latest rally implies that a potential buy-the-dip opportunity appeared last week.
The SpaceX stock forecast coming out of Wall Street stayed mostly upbeat, and a handful of banks are defending price targets more than double where SPCX sits at the time of writing. Retail investors have bought SPCX every day since its IPO, and now they are starting to see that value return to the initial investment value.
In addition, Wall Street forecasts for SPCX have risen since the company’s first earnings report exceeded expectations. Argus Research upgraded SPCX stock to a Buy from a Hold and put a $160 price target on it, and Morgan Stanley kept its own $300 SpaceX stock price target exactly where it was, too. The Morgan Stanley SpaceX price target is still one of the most aggressive numbers out there on Wall Street, even with SPCX having pulled back toward $110 just a few weeks ago, before this latest bounce.
Other firms are also changing their tune on SPCX stock. Oppenheimer recently held an Outperform rating for the stock at $250. JPMorgan raised its SpaceX target to $240 from $225 right after the latest quarterly report was released, and UBS put a fresh Buy rating on the stock too. Piper Sandler and Wells Fargo were the outliers, trimming their numbers over lockup and capex worries.
