SpaceX shares jumps 11% to about $148, putting the stock 10% above its IPO price

SpaceX (NASDAQ: SPCX) shares had a big Wednesday, jumping 11% and ending the session at around $148. That puts the stock well above where it started trading after its IPO.

SpaceX is now sitting roughly 10% higher than its $135 IPO price and about 41% above the low it hit on Aug. 3. The stock has also climbed close to 28% in just the past week.

The rally happened even after Daiwa Capital Markets became more cautious about how much the company should be worth. Daiwa cut its SpaceX price target from $175 to $140, while leaving its rating at neutral.

That new target was only about 0.9% above SpaceX’s Aug. 10 closing price of $138.74. Daiwa said the lower valuation came down to how much cash SpaceX still needs to spend as it grows. Faster growth may bring in more revenue, but running and expanding the business also requires a lot more capital.

Short sellers pull back as SpaceX recovers from its earnings sell-off

The short trade against SpaceX has changed very quickly. S3 Partners estimated that short interest had dropped to about 11% of the SpaceX shares available for public trading by Wednesday. Just last week, short interest had climbed as high as 34%.

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