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The stock dropped as much as 7.3%, after rising as much as 6% earlier in the session. Even so, shares remained nearly 50% above their $135 IPO price. The decline threatened to push SpaceX back below Amazon in the rankings of the world’s most valuable companies.
“Long story short, I think this is just noise so far,” said Michael Monaghan, partner and portfolio manager at Founder Funds, which owns SpaceX shares. “If it really got hit more, we’d probably add.”
Analysts attributed the sharp swings partly to SpaceX’s limited free float, with only about 4.2% of shares available for trading at the IPO. The expiry of insider lockups in the coming months could add downward pressure as more shares enter the market.
“Perhaps we’re seeing a rotation from one Elon-linked trade into another, with SpaceX increasingly viewed as the cleaner AI and tech exposure,” Vanda said in a note.
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https://economictimes.indiatimes.com/markets/us-stocks/news/spacex-shares-decline-for-first-time-since-blockbuster-debut/articleshow/131815693.cms
