Despite promising a rally early in the month, October proved a losing month for SpaceX (NASDAQ: SPCX) investors.
Indeed, after closing at $150.86 on September 30, SPCX shares saw some volatility and even a climb above $170, only to ultimately decline to $137.46 at press time on the morning of October 30.
Under the circumstances, investors who hoped that, after slowly grinding higher through September, SpaceX stock would soar like in August, thus investing $1,000 in the equity a month ago, would have suffered a stinging loss.
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Indeed, such an investment would have lost 8.89% – $88.90 -, and the position would have dropped to $811.10 by Friday morning.
Those unfortunate enough to put $1,000 on October 5 during the early-month rally would have lost $196.56 – 19.66% – and would have fallen to $803.44.
Perhaps more notably, while SpaceX stock is above its initial public offering (IPO) price of $135, it is below both the day-one open of $150 and the first-day close at $160.95.
What’s next for SpaceX stock price?
Meanwhile, the October decline appears likely to be temporary given the recent developments at the company and the overall attitude of Wall Street analysts.
Based on all the notes issued in the last three months, institutional experts view SpaceX stock as a ‘Strong Buy’ and expect it to rally 80.86% to $250.34 in the next 12 months.
Notably, nearly all of the revisions issued in the last 10 days confirm that SPCX shares are still seen positively, with DZ BANK AG’s Markus Leistner ‘Sell’ ranking being the starkest dissenting voice, per the data Finbold retrieved from TipRanks on October 30.
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SpaceX’s strong third-quarter (Q3) earnings report, technological advancements evident in recent Starship launches, and the potential merger with Elon Musk’s other public company, Tesla (NASDAQ: TSLA), have all contributed to the optimism.
Still, the recent Intel (NASDAQ: INTC) slowdown and stock market crash, Alphabet’s (NASDAQ: GOOGL) massive drop recorded on October 29, and concerning reports about the artificial intelligence (AI) data center GPU utilization all highlighted that abundant caution would not be misplaced in the coming months.
Featured image via Shutterstock
