Space Exploration Technologies Corp. (NASDAQ:SPCX) is nearly back to its IPO price of $135/share after hitting a high of around $225 per share in recent weeks. However, the commercial space flight giant’s decline has not surprised investors.
Gary Black Says SPCX Below $100 Will Get Him ‘Excited’
Quoting a post he made on X in which the investor had said that SpaceX would not become profitable until 2027 and he failed to see why people were investing in the company.
“IPO should not have been priced at $135,” Black said in his post on Wednesday, outlining concerns with SpaceX’s valuation. “Hard for me to get excited until it falls below $100,” the investor shared.
Notably, the investor had earlier said that SpaceX’s decline could continue, taking the stock below its IPO price of $135/share when the share lock-up period stipulated by the IPO terms ends in August.
Ross Gerber Questions Whether SPCX Can Hold
Investor Ross Gerber of investment firm Gerber Kawasaki also weighed in on SpaceX’s recent decline. “SpaceX back to the IPO price. Now can it hold,” the investor said in a post on X on Wednesday.
The investor had earlier said that SpaceX’s decline had not surprised him, with economist Peter Schiff warning that the SpaceX decline could spell the end of the AI-induced boom in the “overpriced” U.S. stock market.
According to Benzinga Edge Rankings, SpaceX shares fail to provide a favorable price trend in the Short, Medium and Long term.
SPCX Stock Price Activity: SpaceX shares were up 0.43% at $135.85 during the after-hours trading session on Wednesday.
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