Piper Sandler analyst Alexander Potter has initiated coverage on SpaceX with a Neutral rating and announced a price target of $156. The assessment provides a benchmark for the stock listed on NASDAQ under the ticker SPCX.

Coverage Details

The initiation marks Piper Sandler's formal entry into analyzing the company's performance and future outlook. The Neutral rating suggests that the firm expects the stock to perform in line with the broader market or industry averages.

Key Metrics

Cathie Wood’s Ark Invest purchased $21.3 million of SpaceX stock on Monday, adding to the position across four funds as the space company’s stock slid nearly 35% from its record one-month high. The buying occurred through the ARK Innovation ETF (ARKK), ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), and ARK Space & Defense Innovation ETF (ARKX). This move follows recent purchases worth millions of dollars last week, as investors weigh the company’s long-term ambitions against near-term volatility following its public debut.

Ark’s largest acquisition of SpaceX shares came from ARKK, which bought 88,957 shares. ARKQ purchased 32,556 shares, ARKW bought 23,008 shares, and ARKX added 8,728 shares. The transactions were valued based on the stock’s closing price of $139.14. The stock has remained in focus amid debate over its valuation and execution risks, particularly regarding CEO Elon Musk’s comments on flying orbital data centers next year.

Simultaneously, Ark Invest reduced its exposure to Advanced Micro Devices (AMD), selling shares from ARKQ, ARKW, and ARKX. The firm sold 22,919 shares from ARKQ, 16,311 shares from ARKW, and 2,309 shares from ARKX. This continued selling reflects caution around the chipmaker amid a broader tech pullback, profit-taking, and concerns over global supply-chain conditions and geopolitical tensions.

Ark Invest also made several other key trades, increasing positions in various companies. The firm bought 340,300 shares of Cantor Equity Partners II Inc. (SECZ) in the ARK Fintech Innovation ETF (ARKF). Additionally, Ark purchased 182,272 shares of Block Inc. (XYZ) in ARKF and 53,346 shares in ARKW.

Other purchases included 246,729 shares of Prime Medicine, Inc. (PRME) in the ARK Genomic Revolution Multi-Sector ETF (ARKG). Ark also bought 100,854 shares of Oklo Inc. (OKLO) in ARKQ. Furthermore, the firm acquired 79,938 shares of Kratos Defense and Security Solutions Inc. (KTOS) in ARKQ and another 12,897 shares in ARKX.

Key Trades Overview