That Didn't Take Long: SpaceX Earned Its First Wall Street Sell Rating Less Than an Hour After Trading Began
SpaceX stock may plunge by up to 29% if this prognostication proves accurate.
That Didn't Take Long: SpaceX Earned Its First Wall Street Sell Rating Less Than an Hour After Trading Began
Overview
The fireworks were flying on June 12, with arguably the most anticipated initial public offering (IPO) of the decade making its debut: Elon Musk's SpaceX (NASDAQ: SPCX)
SpaceX displaced oil giant Saudi Aramco as the largest IPO capital raise in history ($75 billion) and closed out its first trading session with a market cap of approximately $2.1 trillion. Musk's artificial intelligence (AI) and space economy conglomerate surpassed the likes of Broadcom, Tesla, and Meta Platforms to become the seventh-largest publicly traded company.
Details
But this wasn't the only history made on Friday. A little more than 20 minutes after the first SpaceX trade printed on the Nasdaq exchange, it earned its first Wall Street sell rating.
Source
Originally published at www.fool.com.
