SpaceX (SPCX) stocks rose in pre-market trade on Tuesday after hitting a record low of under $120 in the previous session, driven by Cathie Wood's Ark Invest adding more than 170,000 shares across several ETFs. The rebound came as retail traders on Stocktwits signaled they're waiting for further price declines before buying, with over one-third of 3,500 poll respondents seeking entry below $80. SPCX has fallen roughly 47% from its post-IPO high of $225.64 and now trades below its $135 IPO price, despite Wall Street maintaining an average price target near $240.
Ark Invest Adds 170,634 SPCX Shares Across Portfolio Funds
SPCX stock rose as much as 1.7% in pre-market trade on Tuesday after Cathie Wood's Ark Invest reportedly added another 170,634 shares across its portfolio funds, including its flagship ARK Innovation ETF (ARKK). Ark also added to its SPCX position through the ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Space Exploration & Innovation ETF (ARKX), and ARK Next Generation Internet ETF (ARKW). Wood's funds have been buying nearly every week since SpaceX's IPO and have yet to sell a single share.
Stocktwits Poll Shows Retail Traders Prefer Entry Below $100
In an ongoing Stocktwits poll of more than 3,500 respondents, more than one-third said they're waiting for SPCX to fall below $80 before buying more. Another 28% said they'd start buying below $100, and only 19% said they'd be willing to add shares at the current price. A smaller group, around 15%, said they're not interested in buying more SPCX stock at any price.
Retail sentiment on Stocktwits around SPCX shares fell to 'extremely bearish' from 'bearish' territory over the past day, while chatter rose to 'normal' from 'low' levels. Platform data showed that message volume jumped by over 400% in the last 24 hours, while SPCX's stock found a new bottom. One trader said they wouldn't consider buying until the stock actually shows signs of positive momentum. Another pointed to bankers' guidance that SpaceX isn't expected to turn cash-flow positive until 2035.
SPCX Trades 47% Below Post-IPO High
SPCX stock has posted more red days than green ones since its public debut last month. The stock has now fallen roughly 47% from the $225.64 high it hit in the weeks after going public on June 12, and sits about 11% below its $135 IPO price. The stock has erased its entire post-listing premium and dipped below its offer price within about five weeks of trading.
Wall Street Analysts Maintain $240 Average Price Target
Wall Street's average 12-month price target across analysts covering SPCX sits near $240, according to Koyfin data. Six analysts gave the stock a 'Strong Buy' rating, while another 21 rated SPCX at 'Buy'. Only five analysts gave it a 'Hold' rating, with one rating it at 'Sell'.
First Earnings Report Expected in Early August
Investors are looking ahead to SpaceX's first quarterly earnings report, expected in early August. The report will trigger the first IPO lockup expiration, allowing roughly 911.5 million shares, worth about $110 billion at current prices, to become eligible for sale on the second trading day after earnings. A second tranche of approximately 455.8 million shares will only unlock if the stock trades above $175.50 for five of the ten trading sessions surrounding earnings, a threshold that remains well above current levels.
FAQ
What price are retail traders waiting for before buying SpaceX stocks?
According to a Stocktwits poll of more than 3,500 respondents, over one-third are waiting for SPCX to fall below $80, while another 28% said they'd start buying below $100. Only 19% are willing to add shares at the current price.
How many SPCX shares has Ark Invest purchased?
Ark Invest added 170,634 shares across its portfolio funds on Tuesday, including positions in ARKK, ARKQ, ARKX, and ARKW. Wood's funds have been buying nearly every week since SpaceX's IPO and have yet to sell a single share.
When does SpaceX's IPO lockup expire?
The first IPO lockup expiration will occur on the second trading day after SpaceX's first quarterly earnings report, expected in early August. This will allow roughly 911.5 million shares to become eligible for sale. A second tranche of approximately 455.8 million shares will only unlock if the stock trades above $175.50 for five of the ten trading sessions surrounding earnings.
