Space Exploration Technologies Corp.
(NASDAQ:SPCX) or SpaceX stock traded lower on Tuesday, impacted by an ongoing post-initial public offering sell-off that reduced its value more than 50% from its June highs. • What's going on with SPCX stock today?
Post-IPO Sell-off Drives Downward Pressure SpaceX dropped from its June 16 high of $225.64, breaking below its $135 IPO price and its $161 first-day close.
On Monday, CEO Elon Musk posted on social media that he "will not forget about Mars," highlighting long-term capital expenditure requirements for red planet exploration.
Read Also: Ron Baron Predicts SpaceX Will Be the World's Biggest Company, Says His $25 Billion Stake Could Still Rise 30-Fold Despite IPO Stumble: 'We Consider Ourselves…' Upcoming Insider Lockup Expiration Warning Market strategist Charlie Bilello warned on Sunday in a market broadcast that an upcoming catalyst arrives two days after the company's Aug. 4 earnings report.
