SpaceX's publicly traded stock SPCX dropped to a fresh record low in midday trade on Friday, marking its sixth consecutive day of losses, despite the company setting a new target date of Monday, July 20, for its Starship's 13th test flight. The stock fell more than 6% on Friday, with the company's market capitalization sitting at around $1.61 trillion, down from its post-IPO peak of nearly $2.7 trillion. The selloff continued even after CEO Elon Musk explained that Thursday night's originally scheduled launch was scrapped because some engines didn't start, triggering an automatic abort. The decline contrasts with gains in rival space stocks, as Rocket Lab USA and AST SpaceMobile rallied in the same session.
SPCX Market Capitalization Falls From $2.7 Trillion Peak to $1.61 Trillion
SPCX's stock fell more than 6% in midday trade on Friday, erasing more than $1 trillion from its market capitalization as compared to post-IPO peaks. The total market value sat at around $1.61 trillion on Friday, down from its all-time high of nearly $2.7 trillion. The stock has fallen over 20% since making its public market debut in June, according to Koyfin data.
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Source: Koyfin
On Stocktwits, retail sentiment about SPCX stock remained in 'bearish' territory over the past day, accompanied by chatter at 'low' levels.
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SPCX stock retail sentiment on July 17 as of 11:45 a.m. ET | Source: Stocktwits
SpaceX Reschedules Starship Test Flight to Monday July 20
The launch of the Starship's 13th test flight was originally scheduled for Thursday night but was eventually scrapped, with CEO Elon Musk stating that some of the engines didn't start, triggering an automatic launch abort. SpaceX is now targeting Monday, July 20, for its next attempt, according to the launch schedule on the company's official website.
ASTS Stocks Jump 10% After B. Riley Upgrade to Buy Rating
The shares of competitors Rocket Lab USA (RKLB) and AST SpaceMobile (ASTS) rallied in midday trade amid SPCX's sell-off. RKLB's stock climbed over 3.5%, while ASTS' stock jumped more than 10%. On Stocktwits, retail sentiment around both ASTS and RKLB shares rose to 'bullish' from 'neutral' territory over the past day.
The rally in ASTS also comes after B. Riley on Friday upgraded the stock to 'Buy' from 'Neutral' with an unchanged price target of $85, which implies a potential upside of around 40% from current levels. In a note to investors cited by TheFly, the firm said ASTS's approximately 44% decline in the last six months has tilted "the risk/reward calculus favorably for the company."
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SPCX, ASTS and RKLB stock performance year-to-date. | Source: Koyfin
ASTS' stock has fallen nearly 17% this year, and RKLB's stock has dropped less than 1%, according to Koyfin data.
FAQ
What caused SPCX stock to drop to a record low on Friday?
SPCX stock fell more than 6% in midday trade on Friday, marking its sixth consecutive day of losses. The company's market capitalization dropped to around $1.61 trillion from its post-IPO peak of nearly $2.7 trillion. The decline continued despite SpaceX setting a new target date of Monday, July 20, for its Starship's 13th test flight after the originally scheduled Thursday night launch was scrapped.
Why did SpaceX postpone the Starship test flight scheduled for Thursday night?
CEO Elon Musk stated that some of the engines didn't start, triggering an automatic launch abort. SpaceX is now targeting Monday, July 20, for its next attempt, according to the launch schedule on the company's official website.
What did B. Riley say about AST SpaceMobile stock on Friday?
B. Riley on Friday upgraded ASTS stock to 'Buy' from 'Neutral' with an unchanged price target of $85, which implies a potential upside of around 40% from current levels. In a note to investors cited by TheFly, the firm said ASTS's approximately 44% decline in the last six months has tilted "the risk/reward calculus favorably for the company."
