"Hope Is Not an Investment Strategy," Says the Lone Wall Street Analyst Who Hasn't Been Wrong About SpaceX
Thirty-seven analysts have placed a buy- or hold-equivalent rating on SpaceX stock over the last seven weeks -- and they've all been wrong.
Overview
Roughly seven weeks ago, on June 12, Elon Musk's trillion-dollar artificial intelligence (AI) and space economy goliath, Space Exploration Technologies (SpaceX) (NASDAQ: SPCX), etched its name in Wall Street lore. The $85.7 billion raised from its initial public offering (IPO) nearly tripled the previous recordholder.
When SpaceX went public, it had an astonishing 21 underwriters, with Goldman Sachs leading the way. Given that underwriters typically purchase shares of the companies they bring public, it's common for these financial institutions to bestow buy ratings and lofty price targets on these businesses.
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Originally published at www.fool.com.