SpaceX Lockup Expiry: Mizuho Reiterates ‘Outperform’ Rating As More Than 328M Shares Become Eligible For Trading

• The latest release follows roughly 378 million shares becoming eligible earlier this month across two tranches.
• Mizuho reiterated an ‘Outperform’ rating and $200 price target on SPCX stock, according to CNBC.
• Starship Flight 14 is targeted for launch on September 28.

SpaceX (SPCX) drew investors’ attention on Thursday as a fresh wave of insider shares became available for trading, with roughly 328.4 million shares released from post-IPO lockup restrictions amid a busy stretch of upcoming catalysts for the space giant.

At SpaceX’s Wednesday closing price of $148.36, the newly eligible shares are worth about $48.7 billion. However, becoming eligible for trading does not mean shareholders will necessarily sell them.

SPCX shares were down 0.7% at the time of writing.

How SPCX Has Performed Between Previous Expiries

The latest release follows roughly 378 million shares becoming eligible earlier this month across two tranches. The stock has shed around 0.2% since the last share release.

The first major expiry on August 6 released about 911.5 million shares, while another 319 million became eligible on August 20. SPCX closed about 6% higher after the first expiry and subsequently rallied into its second expiry on August 20, gaining roughly 29% between the two events. 

Further tranches are scheduled for October 9 and October 24.

Separately, an SEC filing dated September 22 showed that SpaceX President Gwynne Shotwell proposed selling 342,170 shares valued at about $52 million.

Mizuho Sees Starlink As ‘Cash Engine’

Mizuho remains bullish on SpaceX with an ‘Outperform’ rating and $200 price target, according to CNBC.

“SpaceX is not a rocket company. It is the infrastructure layer of the orbital economy,” the firm said, describing Starlink as the company's “cash engine.”

Starlink continues to expand rapidly. SpaceX reported 12 million Starlink subscribers at the end of the second quarter (Q2), double last year’s level, while quarterly Connectivity revenue jumped 66% to $4.29 billion.

SPCX has a 12-month consensus price target of $222.42, while 28 of the 35 analysts covering the stock have rated it a ‘Buy,’ five ‘Hold,’ and two ‘Sell,’ according to Koyfin.

Starship Key Test Approaches

Attention now turns to Starship Flight 14, which is targeted for launch on September 28 pending regulatory approval. The mission is expected to send Starship into orbit for the first time and deploy 26 operational Starlink V3 satellites. This is a critical launch, as Elon Musk has previously spoken about winding down Falcon launch vehicle operations once Starship is fully operational.

Separately, SpaceX reportedly struck an agreement with the U.S. Space Force to exchange observations from Starlink-mounted Stargaze cameras for access to detailed government orbital-tracking data.

Retail Says SPCX Is A ‘Great Buying Opportunity’

Retail sentiment surrounding SPCX turned ‘bearish’ from ‘neutral’ over the past 24 hours.

One user sees support at $142. The stock is currently trading close to $147.

Another user sees a great buying opportunity.

SPCX shares have gained around 9% over their IPO price.

Also read: Redwire Selected For $980M US Space Force Program: A Look At The Key Highlights

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