SpaceX (SPCX) shares dropped to a fresh record low in midday trade on Friday and were on track to clock their sixth consecutive day of losses, despite the company setting a new target date for its next Starship test flight.
The launch of the Starship's 13th test flight was originally scheduled for Thursday night but was , with CEO Elon Musk stating that some of the engines didn’t start, triggering an automatic launch abort. SpaceX is now targeting Monday, July 20, for its next attempt, according to the launch schedule on the company’s official website.
New Starship Launch Date Does Not Slow Selloff
fell more than 6% in midday trade, erasing more than $1 trillion from its market capitalization as compared to post-IPO peaks. On Friday, the total market value sat at around $1.61 trillion, down from its all-time high of nearly $2.7 trillion.
On Stocktwits, retail sentiment about SPCX stock remained in ‘bearish’ territory over the past day, accompanied by chatter at ‘low’ levels.
Rival Space Stocks Buck The Trend
The shares of competitors RocketLab USA (RKLB) and AST SpaceMobile (ASTS) rallied in midday trade amid SPCX’s sell-off. climbed over 3.5%, while ASTS’ stock jumped more than 10%. On Stocktwits, retail sentiment around both ASTS and RKLB shares rose to ‘bullish’ from ‘neutral’ territory over the past day.
The rally in ASTS also comes after B. Riley on Friday upgraded the stock to ‘Buy’ from ‘Neutral’ with an unchanged price target of $85, which implies a potential upside of around 40% from current levels.
In a note to investors cited by TheFly, the firm said ASTS’s approximately 44% decline in the last six months has tilted "the risk/reward calculus favorably for the company."
SPCX stock has fallen over 20% since making its public market debut in June, according to Koyfin data. Meanwhile, ASTS’ stock has fallen nearly 17% this year, and RKLB’s stock has dropped less than 1%.