SpaceX shares closed below their debut price of $150. This is the second day in a row this has happened.
SpaceX's stock price has fallen below $150 / Photo: X / SpaceX
Shares of Elon Musk’s space company SpaceX fell 0.8% on July 8, to $148.3. The company’s stock price fell for the second day in a row—it dropped 6.7% over two trading sessions. As a result, the stock price fell below $150—the level at which SpaceX began trading following its IPO on June 12.
The stocks fell in price, despite being added to the Nasdaq-100 index on July 7 under an expedited procedure. This was expected to lead to an influx of investment from index funds that track this benchmark, according to CNBC.
SpaceX's record-breaking IPO raised a total of $85.7 billion after the underwriters exercised their over-allotment option. Initially, SpaceX sold 555.6 million shares at a fixed price of $135. After the debut, the stock price rose sharply and closed at a high of $201.8 on June 16.
Most Wall Street analysts have given the company positive recommendations: it has 26 bullish ratings out of 32 and only two bearish ones,
according to MarketWatch data. The consensus price target is $247, which implies 67% upside potential.
This article was AI-translated and verified by a human editor
