Analysts Slash York Space Systems Targets After 73% Stock Drop

York Space Systems Inc. saw its share price decline 73% since its January initial public offering, leading at least six Wall Street analysts to cut price targets by an average of 54% since August 14. The spacecraft and satellite manufacturer reached a record low share price on Thursday, further pressured by the June IPO of SpaceX.

The downturn follows weak second-quarter results in which the company reduced its full-year revenue outlook by 32% at the midpoint. Analysts cite supply chain component shortages and a slower pace of government contract awards as the primary drivers of the current uncertainty. While the company previously attracted investor interest through its involvement in the Pentagon's Golden Dome missile shield project, recent performance has shifted sentiment.

Financial firms JPMorgan Chase & Co. and Canaccord Genuity both downgraded the stock to hold. Canaccord Genuity specifically lowered its price target to $13.50. George Ferguson of Bloomberg Intelligence noted that the market remains concerned about the company's growth trajectory.