SpaceX Stock Is Down 23% From Its Post-IPO High. History Says This Will Happen Next. (Hint: It's a Big Move.)
SpaceX has fallen sharply from its post-IPO peak, but history says the stock will drop much further in the months ahead.
SpaceX Stock Is Down 23% From Its Post-IPO High. History Says This Will Happen Next. (Hint: It's a Big Move.)
Overview
Elon Musk's Space Exploration Technologies (NASDAQ: SPCX) made its market debut on June 12. It was the largest initial public offering (IPO) in history by two different measures. The company raised a record $75 billion, and the stock started trading with a record market capitalization of nearly $1.8 trillion.
SpaceX shares hit an all-time high of $202 on June 16, representing 50% upside from its IPO price of $135. That brought its market value to $2.6 trillion. But the stock has since tumbled 23% to $156 as of June 23.
Details
Wall Street sees that as a buying opportunity. The median target price (from eight analysts) is $238.50 per share, implying 53% upside from the current price. But history says SpaceX stock will decline sharply in the coming months.
Source
Originally published at www.fool.com.
