SpaceX stock drops 10% in volatile 1st week after IPO
SpaceX stock just dropped 10% on Thursday, following a nearly 5% dip the day before.
Even with the slide, shares are still up about 28% from their IPO price of $135 as the company wraps up its first week on the market.
Analysts say these ups and downs are mostly about investors adjusting their expectations for SpaceX's long-term growth.
Michael Monaghan forecasts $200B SpaceX revenue
Partner and portfolio manager at Founder Funds in Dallas Michael Monaghan thinks SpaceX could hit $200 billion in revenue by 2030, but says, "But literally and figuratively you need a rocket to go get those revenues."
Retail investors slowed down too, selling $3.5 million worth of shares early Thursday before things steadied.
Meanwhile, Arete Research's Andrew Beale initiated coverage of SpaceX with a "buy" rating and a $401 target price, but cautioned that big projects might take longer than planned.
There's also buzz that SpaceX could join major indices like the Nasdaq-100 soon, which might give it another boost.