SpaceX Stock Just Made This Startling Move. Stock to Avoid or No-Brainer Buying Opportunity?
SpaceX completed a record IPO last month.
Overview
Space Exploration Technologies (NASDAQ: SPCX) was a stock market winner right out of the gate. The industrial and tech giant, more commonly known as SpaceX, soared 19% on its first day of trading -- and that was after the company completed the world's biggest initial public offering. After the exercise of an overallotment option, the company raised a total of more than $85 billion.
Investors rushed to get in on the operation itself -- it was greatly oversubscribed -- and scooped up shares of SpaceX in its early days on the stock market. The stock reached an intraday high of more than $225 on June 16, representing a 50% increase from its opening price of $150 on June 12 and a 67% increase from its IPO price of $135.
Details
But, in recent days, the stock has pulled back. In fact, SpaceX stock just made a particularly startling move, closing at $148 on July 8, a level that is below the company's debut price. Is SpaceX a stock to avoid or a no-brainer buy on the dip? Let's find out.
Source
Originally published at www.fool.com.