SpaceX Stock Hits New Low but Jim Cramer Says Do Not Buy Yet

SpaceX (SPCX) stock has fallen about 29% over the past month and now trades below its initial public offering price of $135. Yet, Jim Cramer told viewers to hold off buying for now.

One key factor sits behind that call. Roughly 911.5 million shares become eligible for sale on August 6, and Cramer expects the supply to drag the price lower.

SPCX Sinks to New Lows, but Cramer Says Wait for Thursday's Unlock

SPCX fell to $107.01 on Tuesday, its lowest level since the IPO. The stock then recovered to close at $116.41, up 2.56%. It now sits roughly 48% below its June 16 high of $225.64.

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Yet, Cramer expects further downside. This is because the number of Nasdaq shares available for trading will rise sharply next week. Around 911.5 million shares will become eligible for sale next Thursday. That will more than double SpaceX's public float.

"If you're looking to buy SpaceX … I'm begging you if you want to go big to at least wait for the first wave of the lockup on insider selling to expire next Thursday and let it drag the share price lower before you pull the trigger," he said.

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