Tom Sosnoff Says SPCX Stock Will Fall Below Its IPO Price, Explains Why He Sold SpaceX 'At 158' - SpaceX

Tom Sosnoff, Chief Executive Officer at LossDog, predicted that Space Exploration Technologies Corp.

(NASDAQ:SPCX) stock will head "under 135″—dropping below its initial public offering price—after revealing he locked in rapid profits by selling his own allocation "at 158." The Post-IPO Prediction Speaking on the episode of The Drift with Benzinga, Sosnoff expressed strong conviction that the newly public aerospace giant is bound for a downward correction before the end of the year.

While he dismissed fears of a total collapse to $100, he stated that the market's current trajectory is unsustainable.

"I feel strongly that the stock will trade under 135," Sosnoff noted, pointing toward an aggressive expected move of roughly $75 over the next 60 days.

Read Also: SpaceX ETF Frenzy Reaches 'Bonkers' Levels As Volume Surges Past $1 Billion Cashing Out And Exploiting Skew The LossDog chief executive admitted he wasted no time exiting his initial long position once the equity rallied.