Space Exploration Technologies Corp (NASDAQ: SPCX) founder Elon Musk is on record as saying the newly listed company will be “worth more than Earth if we achieve our goals”. However, investors who bought shares in the initial public offering are now deeply underwater.

SpaceX shares plumbing new lows

SpaceX shares fell another 6.7% overnight to close at US$115.26, well below the US$135 initial public offer (IPO) price and more than US$100 lower than the high of US$225.64 achieved in the days following the company’s listing on the US NASDAQ exchange.

There has been no specific market-moving news putting downward pressure on the shares; however, the company’s IPO disclosures show that two of its three divisions continue to burn cash, with only the Starlink connectivity division making money.

With that in mind, investors will be focused on the company’s first earnings report, which it announced this week will be scheduled for August 4.

According to US business news outlet CNBC, this will also trigger the ability for insiders to begin trading a portion of their shares, which could put further downward pressure on the share price.

US news outlets have also widely reported that the company has been the target of short sellers, with as much as a third of its public float being shorted.

Mr Musk took aim at the short sellers in a post on X last week, where he declared, “The survival probability of firms who maintain a significant short position in SpaceX over time is very low”.

Market watchers see longer-term upside in SpaceX shares

Analysts are almost universally bullish about the company’s prospects, with Yahoo reporting that, of the 13 analysts following the stock, the lowest price target is US$200.

A UBS report published in Australia earlier this month put a price target of US$210 on the company.

The UBS team said that as the company brings its Starship rocket system into service, the total addressable market for the company could increase to US$30 trillion.

UBS added:

We view SpaceX as an unparalleled set of assets with a multifaceted return profile and multiple drivers of upside for long term, risk tolerant investors. Starship – the most advanced heavy-lift, re-usable rocket – is the foundational technology that unlocks opportunities in launch, communications and AI compute creating a total addressable market nearing US$30T. Starship would effectively give SpaceX commercial control over access to space for the next decade, and we expect revenues/EBITDA to grow at a ~70%/90% CAGR through ’31 to US$660B/US$512B as opportunities in AI and connectivity scale and rapid reusability drives the launch cost per kilogram to just $200 from $1K currently ($50K for the space shuttle).  

UBS said while it was not factored into their base investment case, SpaceX was “uniquely positioned to exploit off planet business models as they emerge, providing investors a call option as Elon Musk looks to fulfill his vision of making life multiplanetary”.

The post SpaceX shares continue to slide. What’s the next catalyst for a recovery? appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are up 0.7% to 8,883.7 points on Thursday.

Brokers have indicated continuing confidence in several ASX 200 shares this week.

Let’s check them out.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is $55.06, up 2.7% today.

Mineral Resources was among the 5 best ASX 200 mining shares of FY26 for share price growth.

Morgans reiterated its buy call on the miner with a 12-month price target of $68.

This suggests a potential 24% upside ahead.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas Rare Earths share price is $15.24, down 0.9% today.

UBS reiterated its buy rating on Lynas Rare Earths shares with a price target of $22.75.

This implies potential capital gains of 47% ahead.

BHP Group Ltd (ASX: BHP)

The BHP share price is $60.62, up 1.4% today.

Morgan Stanley reaffirmed its buy rating on the market’s largest ASX 200 mining share.

The broker has a 12-month target of $67.50, which suggests a potential 12% upside ahead.

Charter Hall Group (ASX: CHC)

The Charter Hall share price is $22.80, up 1.4% today.

Jefferies reiterated its buy rating on the real estate investment trust (REIT) yesterday.

The broker has a 12-month price target of $33.82.

This implies a potential near-50% upside ahead.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is $8.46, up 0.2% today.

UBS renewed its buy rating on IAG shares with an $8.80 target.

This implies potential capital growth of 4% for the ASX 200 financial share.

WiseTech Global Ltd (ASX: WTC)

The WiseTech share price is $32.34, down 4.5% today.

Wisetech shares were among the 5 biggest fallers on the ASX 200 in FY26.

Bell Potter reiterated its buy rating on WiseTech shares today with a $71.75 target.

This implies potential capital gains of more than 120% ahead.

Westgold Resources Ltd (ASX: WGX)

The Westgold Resources share price is $4.83, down 0.5% today.

UBS reaffirmed its buy call on the ASX 200 gold share with a 12-month target of $7.75.

This suggests a potential 60% upside ahead.

Zip Co Ltd (ASX: ZIP)

The Zip share price is $2.71, down 2.5% today.

UBS renewed its buy rating on Zip shares this week.

The broker raised its 12-month price target from $3.10 to $4.10.

This suggests more than 50% upside ahead.

Qantas Airways Ltd (ASX: QAN)

The Qantas share price is $10.15, down 0.1% today.

Citi reiterated its buy rating on Qantas shares and increased its target price from $10.40 to $11.40.

This implies a potential 12% upside ahead for the ASX 200 airline share.

The post 9 ASX 200 shares with refreshed buy ratings this week appeared first on The Motley Fool Australia.

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Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor Bronwyn Allen has positions in BHP Group and Zip Co. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Jefferies Financial Group and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Index (ASX: XJO) is up 0.7% in afternoon trade on Thursday, with three large-cap ASX 200 stocks trading in new 52-week-plus highs.

Here’s what’s happening.

AMP Ltd (ASX: AMP)

AMP shares are up 0.7% at the time of writing, changing hands for $2.15 apiece.

That marks a multi-year high for the diversified financial services company, with the ASX 200 stock now trading at its highest levels since July 2019.

There’s no fresh news out from AMP today. But the share price has enjoyed a strong run over the last week since the company lifted its first-half (H1 FY 2026) profit expectations last week.

On 16 July, management revealed they expect H1 underlying net profit after tax (NPAT) to come in the range of $170 million to $180 million. That’s a big increase from H1 FY 2025 NPAT of $131 million.

Management attributed the profit increase to a stronger contribution from AMP’s China partnerships, favourable investment income spurred by rising interest rates, and the recognition of $13 million related to the partial sale of AMP’s remaining assets within a legacy fund.

AMP shares closed up 9.8% on the day of the announcement.

Ampol Ltd (ASX: ALD)

Also notching new one-year-plus highs today is Aussie fuel supplier Ampol.

Ampol shares are up 0.6% at the time of writing, trading for $39.17 each.

You’d have to go back to April 2024 to find the ASX 200 stock trading at higher levels.

Ampol shares are now up 49% since this time last year, boosted by increased profits and production.

Today’s lift looks to be fuelled by the increasing oil price.

With attacks still ongoing in and around Iran, coupled with new Yemeni Houthi attacks on oil tankers in the Red Sea, the Brent crude oil price is up 3.4% overnight to US$94.07 per barrel, according to data from Bloomberg.

The oil price is now up more than 31% since the beginning of July.

Which brings us to…

Vicinity Centres (ASX: VCX)

Joining the list of ASX 200 stocks notching new 52-week highs is shopping centre owner and manager Vicinity Centres.

Vicinity Centres shares are up 0.4% at the time of writing, swapping hands for $2.65 each.

That’s the highest level since November 2019.

There’s also no fresh price-sensitive news out from Vicinity Centres. But after jumping from a one-year closing low of $2.26 a share on 12 March, investors have been reassessing the valuation of this ASX REIT.

The post 3 ASX 200 stocks smashing new 52-week-plus highs today appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.