SpaceX Stock Hits New Low Ahead of Q2 Earnings Report
SpaceX (SPCX) shares fell to a new closing low on Wednesday, down 3.3% at $112.55 as broader market declines and investor caution ahead of its first earnings report weighed on the stock. The company has lost about 30% since its IPO price last month and nearly half from its all-time high in early June. Market concerns are growing over an upcoming share unlock event set for August 6, which could free up to 20% of shares under a lockup agreement. The stock's decline follows the recent Starship test flight on July 31, where SpaceX deployed new satellites and made progress toward reusability goals. Despite these technical achievements, investors remain wary as the company shifts focus from its profitable Falcon 9 rocket to the more ambitious but less proven Starship program. Deutsche Bank analyst Edison Yu maintains a 'Buy' rating with a $255 price target.
Tickers: $SPCX
Topics: lockup expiration Q2 earnings report SpaceX stock decline