SpaceX Rises 11%, Intuitive Machines Gains 9%, Rocket Lab Jumps 8% as Wall Street Gives the All-Clear on Space Stocks Quick Read – SpaceX surged 11% after Argus upgraded it to Buy with a $160 target, while Rocket Lab jumped 8% after the company completed its 92nd Electron…
ssion. – A surprise July jobs miss reduced Fed rate-hike expectations, lifting capital-intensive growth names including AST SpaceMobile and Virgin Galactic. – Despite today’s rally, SpaceX remains down 15% over the past month, with massive capital intensity and newly unlocked shares still capable of capping upside. – Space stocks are rallying across the board in midday Friday trading, with SpaceX (NASDAQ:SPCX) shares leading the group. SpaceX stock is up 11% to $127.49 after a Wall Street upgrade effectively signaled an all-clear following this week’s pullback tied to the company’s post-IPO share-lockup expiration
The move extends a sharp reversal in sentiment. SpaceX stock had traded as low as $114.56 earlier in the session before turning higher, and intraday volume topped 107 million shares. Moreover, SpaceX’s peers are following the lead higher.
Intuitive Machines (NASDAQ:LUNR) stock is up 9% to $16.25, Rocket Lab (NASDAQ:RKLB) shares are up 8% to $81.56, and AST SpaceMobile (NASDAQ:ASTS) shares are up 5% to $70.68. Meanwhile, Virgin Galactic (NYSE:SPCE) stock is up 6% to $3.12, while Planet Labs (NYSE:PL) shares are up 5% to $23.86. Argus Upgrade Fuels the Rally The trigger for SpaceX is a fresh Argus upgrade to Buy from Hold with a $160 price target.