SpaceX stock (SPCX) has rallied 16% over the past five days, returning to its IPO price after a lock-up expiration freed 911 million shares for trading. The stock remains 11% below its IPO price, but the bounce signals a potential buy-the-dip opportunity. Wall Street maintains an upbeat forecast, with several banks defending price targets above $200. Argus Research upgraded SPCX to Buy with a $160 target, while Morgan Stanley holds a $300 target. Retail investors have bought the stock daily since its IPO. Recent earnings exceeded expectations, prompting upgrades from Oppenheimer, JPMorgan, and UBS, though Piper Sandler and Wells Fargo trimmed targets over lock-up and capex concerns.
SpaceX stock (SPCX) has gained as much as 16% over the last five days, returning to its IPO launch price. A lock-up expiration made over 911 million SpaceX shares eligible to trade this week, with more than 4 billion additional shares unlocking by year-end.
The stock remains down 11% compared to its IPO price, but the latest rally implies a potential buy-the-dip opportunity emerged last week. Wall Street forecasts stayed mostly upbeat, with several banks defending price targets more than double where SPCX currently trades.
Retail investors have bought SPCX every day since its IPO and are now seeing value return to the initial investment. 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, placing a $160 price target on it. Morgan Stanley kept its own $300 SpaceX stock price target unchanged, one of the most aggressive numbers on Wall Street even after SPCX pulled back toward $110 just weeks ago.
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, and UBS placed a fresh Buy rating on the stock.
Piper Sandler and Wells Fargo were the outliers, trimming their numbers over lock-up and capex worries.
