SpaceX (SPCX) shares are on watch Wednesday morning after another down day for the stock, and a crucial level was almost breached.
During Tuesday’s session, SpaceX shares dipped to a new all-time low of $135.52, nearly dropping below its IPO price
The stock went on to debut at $150 on June 12th, hit its all-time high of 225.64 on June 16th, and has been under pressure ever since. SpaceX shares are now down around 33% from its all-time high, and around 8% year to date, giving something of a black eye for investors who saw the private market value of SpaceX only surge over the months before its IPO. Shares were little changed in early trade on Wednesday.
That being said, most of Wall Street is bullish on SpaceX, given its confluence of disparate businesses that flow together – rocket launch, satellite broadband, satellite to phone service, terrestrial and eventually orbital data centers, as well as AI related products. Per Yahoo Finance analyst insights, 27 of 31 Wall Street analysts rate SpaceX either a buy or strong buy, with the average price target sitting at $242. Needham was the latest to weigh in, maintaining its buy rating on the stock but boosting its price target to $250 from $200.