Avidian Wealth Enterprises LLC increased its stake in SpaceX by 587% during the third quarter, acquiring an additional 46,285 shares to bring its total position to 54,170 shares, according to a Form 13F filing with the Securities & Exchange Commission. The firm’s holdings were valued at $8,172,000 as of the filing.
Avidian’s move reflects broader institutional interest in the aerospace company. According to the source filing, several major investors established or expanded positions in SpaceX during the second quarter, including SC US Ttgp LTD. (approximately $20.9 billion), Darsana Capital Partners LP (roughly $17.3 billion), K5 Global Advisor LLC (about $6.6 billion), State Street Corp (approximately $1.9 billion), and Dragoneer Investment Group LLC (roughly $1.4 billion).
Analyst sentiment on SPCX remains mixed. Three analysts have assigned a Strong Buy rating, twenty-seven have given Buy ratings, nine have assigned Hold ratings, and six have issued Sell ratings. The consensus rating is “Moderate Buy” with an average price target of $218.76. Recent analyst activity includes Benchmark initiating coverage with a buy rating in June, Cantor Fitzgerald reaffirming an overweight rating with a $246 price target in August, and Weiss Ratings initiating coverage with a sell rating in September.
SpaceX faced several headwinds, including a potential 328.4 million share unlock on October 9 that could create additional selling pressure following recent rallies. The company also faced regulatory challenges, with Starlink’s launch in India remaining stalled amid disputes with local telecom interests.
On the positive side, the FCC approved SpaceX’s plan to deploy 15,000 additional Starlink satellites for direct-to-device services. Morgan Stanley maintained a Buy rating with a $300 price target, citing potential from Starlink and AI-compute operations.
SpaceX reported third-quarter revenue of $7.81 billion, representing 91.9% year-over-year growth. The stock traded at $161.95 on the reporting date, with a 52-week range of $104.83 to $225.64.
Key facts
- Avidian Wealth Enterprises increased SpaceX position by 587% in Q3, acquiring 46,285 additional shares for a total of 54,170 shares worth $8.17M
- Major institutional investors including SC US Ttgp LTD., Darsana Capital Partners, and K5 Global Advisor established large positions in Q2 2024
- Analyst consensus rating is “Moderate Buy” with average price target of $218.76; three strong buy, 27 buy, nine hold, six sell ratings
- FCC approved SpaceX’s plan to deploy 15,000 additional Starlink satellites for direct-to-device services
- Up to 328.4 million shares may become eligible for trading after October 9 lock-up expiration
- Q3 revenue reached $7.81 billion, up 91.9% year-over-year
- COO Gwynne Shotwell sold 342,170 shares at average price of $153.57 in September