SPCX Stock Price Prediction as SpaceX Launches First Starship Test Flight Since IPO

SpaceX (NASDAQ: SPCX) stock price eyes gains after SpaceX launched the 13th Starship test flight on July 24. This was the first launch for the company since it went public on June 12.

The launch comes when SpaceX shares have dropped by 48% from the June high of $225 to $115 on July 24.

SpaceX Launches 13th Starship Test Flight

SpaceX launched its Starship rocket on July 24 from its Starbase launch facility in Texas. This was the 13th test flight for the rocket and the first one since the IPO.

During this test flight, SpaceX also deployed 20 new Starlink V3 satellites that are more powerful than the company’s earlier satellites, and could boost the company’s market share in the communications industry.

This test flight was previously scheduled to occur on July 23, but was later delayed due to weather, with this delay pushing the SPCX stock price lower.

Another test flight that was scheduled for July 16 had also been delayed due to mechanical issues.

The successful launch on July 24 was, therefore, a highly anticipated development and could cause big moves for the SPCX stock price after the market opens on July 27 amid Tesla merger speculation.

SPCX Stock Price Closes at Historic Lows

SpaceX stock price dropped by 2.68% on July 24 to close trading at $115.

SPCX stock closed at its lowest price in history, with the stock now sitting 48% below its record high price of $225. A recent report by CoinGape noted that this 48% drop has led to short sellers making a profit of $20 billion.

SpaceX stock could drop to the psychological support of $100 if the sentiment around the stock remains bearish.

This drop to $100 might come from the unlocking of $116 billion shares on August 6. These shares have been under selling restrictions since the IPO occurred on June 12.

The RSI reading of 41 supports a bearish SpaceX price forecast. It shows that the momentum is still favoring bears at the current price of $115.

But the AO bars that are green and growing in length suggest that these bears are losing their grip and this could create room for the shares to rise to the IPO price of $135.

Morgan Stanley Reiterates $300 Target for SpaceX Stock Price

Morgan Stanley has reiterated its $300 target for SPCX stock, saying that the shares could gain in the long term because the company has a big footprint in AI, space and connectivity.

“We believe the current disconnect between increasingly bearish investor sentiment and largely unchanged fundamentals creates an attractive entry point in SpaceX shares.” it said.

The bullish outlook by this investment bank comes as ARK Invest continues to buy the dip in SpaceX shares.

Morgan Stanley adds that SpaceX has a big share of the space and satellite connectivity industries, and this is what could drive its future gains.