SpaceX (SPCX) stock slid on Wednesday, breaching a crucial price level.
On Wednesday, SpaceX shares dipped to a new all-time low of $132.75, dropping below its IPO price of $135, closing at $135.27. The stock went on to debut at $150 on June 12, hit its all-time high of 225.64 on June 16, and has been under pressure ever since.
SpaceX shares are now down over 30% from their all-time high and around 12% year to date, giving something of a black eye to investors who saw the private-market value of SpaceX only surge over the months before its IPO.
That being said, most of Wall Street is bullish on SpaceX, given the company's confluence of disparate businesses that flow together: rocket launches, satellite broadband, satellite-to-phone service, and terrestrial and eventually orbital data centers, as well as AI-related products.
Needless to say, there is a price disconnect between where Wall Street values the stock and how the market currently values it.
In terms of catalysts for the stock, in addition to earnings coming up, likely in mid-August, a big near-term milestone for SpaceX arrives tomorrow night.
On Wednesday, SpaceX shares dipped to a new all-time low of $132.75, dropping below its IPO price of $135, closing at $135.27. The stock went on to debut at $150 on June 12, hit its all-time high of 225.64 on June 16, and has been under pressure ever since.
SpaceX shares are now down over 30% from their all-time high and around 12% year to date, giving something of a black eye to investors who saw the private-market value of SpaceX only surge over the months before its IPO.
That being said, most of Wall Street is bullish on SpaceX, given the company's confluence of disparate businesses that flow together: rocket launches, satellite broadband, satellite-to-phone service, and terrestrial and eventually orbital data centers, as well as AI-related products.
Needless to say, there is a price disconnect between where Wall Street values the stock and how the market currently values it.
In terms of catalysts for the stock, in addition to earnings coming up, likely in mid-August, a big near-term milestone for SpaceX arrives tomorrow night.
2