SpaceX Stock Plummets Over 5% at Open, Extending Two-Day Loss to 10%

Stock News06-18

Shares of SpaceX (SPCX.US) opened sharply lower on Thursday, falling more than 5% and extending its two-day decline to 10%. This follows a surge of over 40% in the four trading sessions after its initial public offering.

The stock's rapid ascent has sparked concerns about a potential new wave of selling. Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners, noted that investors are trading based on a mix of the company's growth narrative, overall market conditions, market enthusiasm, and faith in Elon Musk. However, he cautioned that with its current extremely high valuation, SpaceX must deliver tangible business performance to justify it, a process likely to take several years.

Paul Meeks, Managing Director and Head of Technology Research at Freedom Capital Markets, suggested that SpaceX's share price may have already peaked in the short term, and a more significant correction could be underway.

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