SpaceX stock rallies 14% as lockup fears fade

SpaceX stock surged 14% on Friday after an analyst upgrade, softer U.S. jobs data, and limited insider selling eased pressure on the recently listed company. Summary SPCX climbed 14.09% to $131.06, extending its rebound from an August low near $105. Argus upgraded SpaceX to Buy and maintained a $160 price target. Up to 911.5 million insider shares became eligible for sale without triggering the feared sell-off. Weak U.S. payroll data reduced expectations for another short-term Federal Reserve rate hike. SpaceX stock jumps after Argus upgrade Space Exploration Technologies Corp. traded at $131.06 as of 3:26 p.m. EDT, up $16.14 for the session. The stock opened near $115 before rising above $120 and accelerating toward $131 during afternoon trading. Source: Yahoo Finance Friday’s rally followed a 6.1% gain on Thursday, reversing part of the 13.6% decline recorded after SpaceX released its first quarterly results as a public company. Argus Research helped drive the latest move by upgrading SpaceX from Hold to Buy. The firm maintained a $160 price target, implying further upside from the stock’s Thursday close. Argus pointed to SpaceX’s second-quarter performance despite concerns about...