Space Exploration Technologies Corp (NASDAQ:SPCX) shares are pulling back slightly Monday after rallying to close out last week. The stock is sitting just below its $135 IPO price after retail investors became net sellers for the first time and the mass insider selling many had feared failed to spark selling pressure.
- SpaceX stock is trading at depressed levels. What’s ahead for SPCX stock?
Unlock Passes Without Expected Sell-Off
More than 911.5 million insider-held shares became eligible for trading last Thursday, more than doubling the publicly available float overnight, but the anticipated wave of selling didn’t come. Instead the stock gained nearly 3% on the day eligibility kicked in, suggesting much of the lockup anxiety had already been absorbed during the pullback leading up to the unlock. Shares staged a massive rally the following day.
Morgan Stanley analyst Adam Jonas told clients the expiration represented an entry point, describing SpaceX as a potential generational compounder and carrying an Overweight rating with a mid-2027 price target of $300, implying roughly 126% upside from current levels.
Retail Investors Flip to Net Sellers for the First Time
Individual investors sold a net $4.5 million in SpaceX shares on Friday, the first negative reading since the company began trading on June 12, according to Vanda Research, Reuters reported.
eToro market analyst Sam North characterized the move as profit-taking and position fatigue rather than panic, noting the outflow was modest compared to the $144.6 million single-day net buying record set on June 16. The stock surged as much as 67% above its IPO price in June before surrendering all of those gains and falling more than 22% below the debut price in August.
Shares have closed below the IPO price every session since July 16 and were trading just below $133 at last check, according to Benzinga Pro.
A Quick Look Back at Last Week’s Earnings
SpaceX reported second-quarter revenue of $7.81 billion last week, up 92% year-over-year, beating the $6.93 billion consensus. The AI segment showed 247% growth to $2.56 billion while Connectivity generated $4.29 billion and Space contributed $962 million.
A per-share loss of 9 cents cleared the 24 cent consensus loss estimate. Starlink subscribers came in at 12 million across 167 countries and the company ended the quarter with $100 billion in cash and cash equivalents, as well as a $47.5 billion backlog.
SpaceX was scheduled to launch a Falcon 9 carrying 29 Starlink satellites from Cape Canaveral Monday morning, but the launch was scrubbed and has been rescheduled for Tuesday morning, representing an operational catalyst to watch this week.
SPCX Shares Are Dipping
SPCX Price Action: SpaceX shares were down 0.17% at $132.90 at the time of publication on Monday, according to Benzinga Pro.
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