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FollowingSpaceX shares fell below $140 despite the FAA having completed its review of the Starship Flight 12 accident and approved the next launch
Summary
SpaceX shares fell below $140 despite the Federal Aviation Administration (FAA) approving preparations for Starship Flight 13.
The FAA has accepted SpaceX's corrective measures and concluded its investigation into the Flight 12 accident.
Wall Street institutions including Raymond James, Morgan Stanley, Goldman Sachs and Citigroup remain bullish.
According to the latest data, SpaceX's share price was close to US$139 in the most recent trading session, and fell about 4% on the day. The decline puts shares close to the $135 IPO price and well below the $150 opening level after last month's public offering.
Over the past five trading days, the stock has fallen by more than 12%. Despite successive positive news from the company, the decline continues.
The FAA has completed a review of Starship Flight 12
In terms of operational progress, the FAA has confirmed that it has concluded its investigation into the Starship Flight 12 launch accident. The regulator said in an official statement that there were no reports of injuries to public personnel or damage to public property during the incident.
The FAA also said it had reviewed and accepted the conclusions and corrective actions proposed by SpaceX through its investigation. With the review completed, the agency said the company could continue preparations for Starship Flight 13 as long as all remaining safety and licensing requirements were met.
SpaceX expects to conduct starship flight 13 tests as early as this week. Despite this, regulatory clearance did not drive the company's share price back, and the stock continued to trade near recent lows.
Another positive development also failed to change investor sentiment. Last week, SpaceX was included in the Nasdaq 100 Index, a milestone that typically creates additional demand for funds and institutional investors tracking the index. However, even if included in the index, the stock has continued to decline in recent trading days.
Wall Street analysts bet on further gains
Despite recent weak price movements, many Wall Street institutions still hold bullish views on the stock. According to previous reports, analysts at Morgan Stanley, Goldman Sachs and Citigroup all gave SpaceX stock buy ratings, despite the stock's recent correction from highs.
The stock is still well below its all-time high above $200, and the gap between current trading levels and analysts 'long-term goals has widened further. Among the most optimistic forecasts, Raymond James recently covered the stock for the first time, giving it a "strong buy" rating and setting a price target of $800.
According to Raymond James, this target price means more than 400% room for upside from the current trading range. The investment bank's outlook contrasts sharply with its recent weak performance in withdrawing shares to IPO valuations.
For now, investors seem to be more concerned about the recent selling pressure than the company's operating progress. With the FAA-approved Starship Flight 13 looming, the execution of the next launch could become the next key catalyst for the space program and the stock's short-term performance.
