Cathie Wood Is Buying SpaceX Stock as it Sinks 50% Below Its Post-IPO High. Should You Follow Her?
Is the hot IPO stock finally a bargain?
Overview
Space Exploration Technologies (NASDAQ: SPCX) was the initial public offering (IPO) in history, collecting more than $86 billion, or more than double the previous record holder, Saudi Aramco, which raised $25.6 billion in 2019.
However, the stock's trajectory since then hasn't been quite as promising as investors had hoped. After hitting a high of $225 a week after the IPO on June 20, the stock is down 50% from that price.
Details
Is this an opportunity to buy the stock on the dip? Cathie Wood thinks so. Her company, Ark Invest, has been scooping up shares of the beleaguered stock lately. Should you follow her lead?
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.