PiCK
SpaceX Jumps 12% Early, Posting Biggest Gain Since August
Summary
- SpaceX shares rose about 12% from the previous session, trading in the $165 range.
- The company said third-quarter net income was $4.4 billion, more than double the market forecast of $1.88 billion.
- On news of a merger review with Tesla, JPMorgan raised its price target to $500 from $240 and maintained its Overweight rating.
Forecast Trend Report by Period
Shares of SpaceX, the space company led by Tesla Chief Executive Officer Elon Musk, surged in early trading.
SpaceX was trading around $165 on October 21, up about 12% from the previous session, according to TradingView. It marked the stock’s first gain of more than 10% in about two months, since August.
The rally followed third-quarter earnings and news that the company is reviewing a merger with Tesla. SpaceX said on October 20 that third-quarter net income came to $4.4 billion, more than double the market forecast of $1.88 billion.
On the same day’s earnings conference call, Musk said Tesla and SpaceX had each set up a special committee to review a merger.
Following the news, JPMorgan raised its price target on SpaceX to $500 from $240. It maintained its Overweight rating.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul