SpaceX(SPCX) stock is back trading near $140, up nearly 5% over the past week, as investors find new reasons to bet on Tesla (TSLA) CEO Elon Musk's newest public-market heavyweight. Also, the latest 13F filings are only adding to the fuel. AI behemoth Nvidia(NVDA) disclosed 122.76 million SpaceX shares worth nearly $21 billion on June 30, according to 13f.info.
At the same time, Alphabet (GOOG) reported 551.2 million shares valued at nearly $94.2 billion, according to 13f.info. That's some insane institutional firepower behind a stock that hasn't left the spotlight since its earth-shattering June debut. As we look ahead, nearly 320 million restricted shares will become eligible for transfer on August 20.
For context, the last lock-up release on August 6 was much bigger, at 911.5 million shares, yet the feared selling wave never came, as reported by CNN. Instead, SpaceX jumped back above its $135 IPO price. Nevertheless, Wall Street remains bullish, slapping an average price target of around $227, implying 62% upside according to Seeking Alpha.
That's what makes five-star Phillip Securities analyst Glenn Thum's note particularly interesting, putting a very different number on SpaceX stock compared with the bulls. Phillip Securities analyst Glenn Thum just took Wall Street's most bearish stance on SpaceX stock. Thum kept a Sell rating and a $75 price target, implying 46% downside from the stock's current price near $140.
That's also near the lower end of Wall Street's consensus range. Thum's call carries a ton of extra weight, as he's rated a five-star TipRanks analyst, with a tremendous 89% success rate across his ratings. That's higher than veteran analysts such as Dan Ives, who has a 58% success rate.
Moreover, of his 106 tracked calls, 94 were profitable, generating an impressive average return of 20.8% per rating. Morgan Stanley says SpaceX investors miss the bigger story Peter Schiff says SpaceX is a warning for hyped stocks SpaceX stock defies latest Wall Street forecasts Interestingly, his concerns start with AI. Musk had suggested AI could potentially become SpaceX's biggest revenue engine, not merely a side business.
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