Shares of SpaceX (SPCX) tumbled 5.04% during intraday trading on Friday, extending the stock's recent losing streak as multiple headwinds converged to pressure investor sentiment.
The decline was fueled by a combination of factors. HSBC initiated coverage on SpaceX with a Hold rating and a $115 price target, a figure significantly below the analyst consensus of $236.72. The cautious stance from the global bank signaled skepticism about the stock's near-term prospects, particularly with a large insider share unlock looming and the company's first quarterly earnings report approaching on August 4.
Compounding the negative sentiment, SpaceX's Starship Flight 13 test faced another postponement due to adverse weather conditions, marking the second delay after an earlier attempt was aborted on July 17 due to an engine anomaly. The repeated setbacks have raised concerns about the development timeline of the Starship program, which is critical to the company's long-term cost reduction strategy. Additionally, reports emerged that SpaceX has begun limiting future commercial bookings for its workhorse Falcon 9 rocket beyond 2028, signaling an aggressive but risky pivot toward the yet-unproven Starship vehicle.
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