SpaceX Stock Hits Fresh Post-IPO Low Despite Regulator Closing Key Investigation
Highlights
- SpaceX stock has fallen below $140, down over 4% today.
- The FAA has dropped its investigation into the company.
- SpaceX could launch the Starship's next test flight this week.
The SpaceX stock has hit a new low following its mega IPO last month, falling below the psychological $140 level. This latest drop comes despite the U.S. Federal Aviation Administration (FAA) closing its review into the company’s Starship ahead of the rocket’s next test flight.
SpaceX Stock Falls Below $140
The space company’s stock has fallen below the psychological $140 level, currently trading at around $139, down over 4% today, according to TradingView data. With this, the stock is now trading close to the IPO price of $135 and well below its debut price of $150.
It is worth noting that the SpaceX stock is also down over 8% in the last five days. The stock has tumbled despite the space company’s inclusion in the Nasdaq-100 last week, which would have sparked a new wave of buying pressure from fund managers.
Despite the stock’s decline from an all-time high (ATH) above $200, analysts remain bullish. As CoinGape reported, SPCX has received buy calls from Morgan Stanley, Goldman Sachs & Citi analysts.
Raymond James also recently initiated coverage of SpaceX stock with a strong buy rating and a price target of $800. This means that the stock could rally by over 400% from its current price level.
FAA Drops Review Of Starship Booster’s Return Failure
In a statement, the FAA announced that its investigation of the SpaceX Starship Flight 12 launch mishap is closed. “There are no reports of public injury or damage to public property,” the statement read.
The FAA further mentioned that it oversaw and accepted the findings and corrective actions of the SpaceX-led investigation. With the close of the investigation, the regulator stated that the space company can now proceed with Starship Flight 13 launch operations, provided all safety and other licensing requirements are met.
However, the close of the investigation hasn’t been enough to spark a rebound in the SpaceX stock. Meanwhile, it is worth noting that the space company plans to conduct the Starship Flight 13 test flight as early as this week.
For more information on where to trade stocks of large-cap U.S. companies before they go public, please check out our page on Best Platforms & Crypto Exchanges to Trade Pre-IPO Tokens
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