SpaceX's stock closed at $148 on Wednesday, marking a decline from its debut price of $150 per share for the second day in a row. This drop follows the company's rapid inclusion in the Nasdaq 100 index, which occurred just a month after its market debut on June 12.
The inclusion was facilitated by revised rules for new public companies, requiring index funds and ETFs tied to the Nasdaq 100 to purchase shares of SpaceX. The company had a record initial public offering, raising $85.7 billion after underwriters exercised the 'greenshoe' overallotment, with shares initially priced at $135. Following its debut, the stock reached a high of $201.80 on June 16.
Analysts have generally maintained a bullish outlook, with firms like Morgan Stanley, Bernstein, RBC, and UBS issuing positive ratings and price targets ranging from $210 to $300, citing SpaceX's leadership in reusable rocket technology and its expansive Starlink satellite service. However, there are some skeptics; MoffettNathanson has a neutral rating, while CFRA recommends selling shares.
The mixed sentiment reflects both the company's innovative potential and the volatility typical of newly public stocks