A day after its shares dipped below its market debut price, SpaceX (SPCX) finds itself at a crossroads — and as rival Blue Origin shores up its capital position.
SpaceX is trading in range of that $150 offer price on Wednesday, but there is some concern among investors that the company’s inclusion in the Nasdaq 100 didn’t lead to a bump in price
The company’s stock tumbled 7% yesterday; typically, addition into a major stock index would lead to buying from ETFs and mutual funds that track the index. Some analysts and market strategists suggested that Nasdaq inclusion was already priced into the stock, and recent Nasdaq weakness wasn’t helping matters. An onslaught of generally positive analyst coverage coming on Tuesday also didn’t help SpaceX stock.
Yahoo Finance’s Julie Hyman noted that of the 17 underwriters for SpaceX’s IPO, 12 issued new coverage for the stock — with all 12 giving it a Buy or equivalent rating. One of the more bullish calls came from Adam Jonas of Morgan Stanley, who initiated SpaceX with an Overweight rating and a $300 price target. Jonas argued that SpaceX could transform energy into intelligence (data centers using solar power) with “near-monopoly launch economics, the world’s largest LEO (Low Earth Orbit) network, and a fast-scaling AI infrastructure business,” Jonas said, fusing everything into “one infrastructure stack.” Nevertheless, with most Wall Street price targets well in the $200+ range, SpaceX stock is struggling to push back above $200, which it last saw on June 16th.