SpaceX (SPCX) Stock Falls Below $135 IPO Price After Second Lockup Ends
TLDR
- SPCX fell 4.05% Thursday, slipping back below its $135 IPO price
- 319 million newly unlocked shares added fresh supply pressure to the market
- The drop ends SpaceX’s six-day streak of closing above its IPO price
- SpaceX completed a $60 billion all-stock acquisition of Cursor on August 14, adding ~389 million new Class A shares
- Analysts maintain a Moderate Buy rating with an average price target of $232.35
SpaceX stock dropped 4.05% on Thursday, falling back below its $135 IPO price to around $130-$134. The decline came as 319 million previously locked-up shares became eligible for trading.
Space Exploration Technologies Corp., SPCX
This was the second lockup period to expire since SpaceX’s June IPO. The newly released shares represent roughly 7% of the company’s total outstanding stock.
The drop ended a six-day streak of the stock closing above its IPO price. It also extended SPCX’s losing streak to three consecutive sessions.
The August 6 unlock had already doubled SpaceX’s public float when 911.5 million shares hit the market. Interestingly, the stock actually rose 6% during that first, larger unlock. Thursday’s smaller release had the opposite effect.
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