SpaceX Stock Is Now Well Below Its IPO Price. Here's Why I Still Wouldn't Buy Shares.
The massive IPO has paved the way for SpaceX stock to underperform in the years ahead.
Overview
That happened fast. Space Exploration Technologies (NASDAQ: SPCX) has stumbled nearly 45% from highs set in the days after its massive initial public offering (IPO) earlier this year. The space economy giant helmed by Elon Musk has steadily faced selling pressure in recent weeks, and has actually now round-tripped its IPO price of $135.
As of this writing, midday July 17, SpaceX trades at $124.35, meaning anyone who bought into the IPO or after has lost money holding through to today. And yet, for anyone focused on fundamental performance, the stock still looks overvalued. Here's why I still wouldn't buy shares of SpaceX, even though the stock is trading near an all-time low.
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Originally published at www.fool.com.