SpaceX Stock Closes Below $150 Debut for Second Day
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- SpaceX stock closed at $148 on Wednesday, below its $150 first trading price for a second consecutive day following its inclusion in the Nasdaq 100 on Tuesday
- Nasdaq added SpaceX to its Nasdaq 100 less than a month after the company's June 12 stock market debut, a rapid timeline driven in part by the exchange's revised rules for new public companies
- SpaceX's record IPO raised a total of $85.7 billion after underwriters exercised the greenshoe overallotment, with 555.6 million shares initially priced at $135 each
- SpaceX stock hit a closing high of $201.80 on June 16 before retreating, leaving it roughly 27% below that peak at Wednesday's close
- Morgan Stanley initiated coverage with an "overweight" rating and $300 price target, while Bernstein rated it "outperform" at $239, RBC "outperform" at $225, and UBS "buy" with a $210 12-month target
- MoffettNathanson initiated at neutral and CFRA recommended selling, representing a skeptical minority against an otherwise mostly bullish analyst cohort
Why it matters: The two-day slide below the $150 debut price came even after Nasdaq 100 inclusion forced index funds and ETFs to buy SpaceX shares, giving the CFRA sell call and MoffettNathanson neutral rating their first visible foothold. With Street price targets spread from $210 (UBS) to $300 (Morgan Stanley) — a roughly 43% gap — and CFRA already on record as a seller, the post-IPO rally is meeting organized resistance at a level that passive demand was supposed to defend.
