Shares of SpaceX touched new lows on Monday. Things weren't looking better earlier today—but that was before the bounce.
As Space Exploration Technologies Corp. (NASDAQ: SPCX) shares fell to a new all-time low (ATL) on July 28, Cathie Wood – the founder, CEO, and Chief Investment Officer (CIO) of ARK Invest – has revealed why her investment management firm has kept buying SpaceX stock.
Space names are under heavy pressure Tuesday morning as a broad-based sector selloff swamps positive company-specific news.
SPCX???s 51.8% slide from its peak reflects fading IPO euphoria, valuation pressure and earnings uncertainty despite continued operational progress.
SpaceX (SPCX) shares extended their decline on Tuesday as investors continued to weigh the prospect of a wave of insider share sales ahead of the company's first post-IPO lock-up expiration. The SpaceX stock fell more than 5% to around $107, well below its IPO price of $135.
SpaceX (NASDAQ:SPCX | SPCX Price Prediction) currently trades at $113.50, well below the consensus Wall Street price target of $236.71, an implied upside of 108.56%.
SpaceX started the week in retreat, touching record lows.
Elon Musk-backed Space Exploration Technologies Corp. (NASDAQ: SPCX) stock has dropped to a new all-time low (ATL) of below $110.
Shares of SpaceX (NASDAQ:SPCX | SPCX Price Prediction) are down 4% in Monday afternoon trading, changing hands at $111 after hitting an intraday low of $108.66.
SpaceX Corp (NASDAQ:SPCX) shares fell to an all-time low on Monday, dropping to $108.66 in early trading before recovering some ground to trade around $111 by late morning, as investors weighed concerns over an upcoming share lock-up expiration, valuation, capital spending and financing plans. The stock has now lost nearly half its value from its post-initial public offering peak despite the company recently completing the 13th test flight of its Starship rocket.
This is a developing story.
SpaceX's (NASDAQ: SPCX) post-IPO sell-off has reached a new milestone, with the stock now ranking among the worst-performing major U.S. public offerings of the past decade.