SpaceX (SPCX) stock whipsawed through a volatile week, swinging from an all-time low to a sharp rebound and back again, as investors braced for the newly public company’s first earnings report and a major share unlock.
Shares slipped in early trading on Friday after a rough stretch
The stock hit an all-time low of $108.66 on Monday before closing down 1.4% at $113.50, then rebounded 2.6% on Tuesday, only to come back under pressure midweek. For the week, the stock is down around 5%. SpaceX shares have shed nearly 30% from their $150 market debut last month, and remain down roughly 50% from their all-time high of $225.64.
The swings come ahead of SpaceX’s second quarter earnings, due Aug. 4. But a bigger overhang is a lockup expiration on Aug. 6 that will free as much as 20% of shares for sale under the company’s lockup plan. Many investors worry that the added supply will keep the stock under pressure.