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Phillip Securities sets a $75 Sell target for SpaceX shares near $140
The bearish call also coincides with an Aug. 20 eligibility date for nearly 320 million restricted shares to transfer.
SpaceX stock has been trading near $140 and is up nearly 5% over the past week, as investors weigh fresh institutional activity in the company’s public debut phase, according to Yahoo Finance.
The outlet cited 13F filings showing Nvidia disclosed 122.76 million SpaceX shares worth nearly $21 billion on June 30, and Alphabet reported 551.2 million shares valued at nearly $94.2 billion, according to 13f.info. Yahoo Finance also noted nearly 320 million restricted shares become eligible for transfer on August 20, with the prior lock-up release on August 6 involving 911.5 million shares and no reported selling wave.
Wall Street consensus remains more bullish, with an average price target around $227 implying 62% upside, according to Seeking Alpha. But Yahoo Finance highlighted a contrary note from Phillip Securities analyst Glenn Thum, who kept a Sell rating and set a $75 price target, implying 46% downside from the stock’s current level near $140, placing the call near the lower end of the consensus range.
Yahoo Finance said Thum is a five-star TipRanks analyst with an 89% success rate across his ratings, and it cited Elon Musk’s view that AI could become SpaceX’s biggest revenue engine. The article also referenced that SpaceX’s AI revenue rose 247% year over year in Q2, with nearly $1.6 billion tied to the initial ramp of cloud-service agreements.