SpaceX stock closed at $148 on Wednesday, marking the second consecutive day it finished below its initial trading price of $150 per share following its recent inclusion in the Nasdaq 100 index [1]. The company's stock market debut occurred on June 12, and its swift addition to the Nasdaq 100 was facilitated by the exchange's revised rules for new public companies [1]. This inclusion prompted index funds and exchange-traded funds tracking the benchmark to purchase SpaceX shares to align with the updated index composition [1].
SpaceX's initial public offering was notable, raising a total of $85.7 billion after underwriters exercised the 'greenshoe' overallotment option. The company initially offered 555.6 million shares at a set price of $135 each, and the stock surged in the days following its debut, reaching a closing high of $201.80 on June 16 [1].
Analyst sentiment has been predominantly bullish since SpaceX joined the Nasdaq 100. Morgan Stanley initiated coverage with an 'overweight' rating and a price target of $300, Bernstein rated the stock 'outperform' with a $239 target, RBC also gave an 'outperform' rating with a $225 target, and UBS initiated with a 'buy' rating and a 12-month price target of $210 per share [1]. Bulls highlighted SpaceX's leadership in reusable rocket technology, launch services, and the expansive Starlink satellite internet business, as well as the company's potential to develop artificial intelligence products and orbital data centers [1].
However, some skepticism remains. MoffettNathanson initiated coverage with a neutral rating, and CFRA recommended selling shares, reflecting a minority view among analysts [1].
CONCLUSION
SpaceX's rapid inclusion in the Nasdaq 100 and strong initial analyst support have not prevented its shares from falling below their debut price. While most analysts remain optimistic about the company's technology leadership and growth prospects, some caution persists. The market is closely watching SpaceX's next moves as it seeks to regain momentum.