SpaceX (SPCX) slipped about 4% in early trading on September 24, changing hands near $148, after JPMorgan placed it among the most-hyped stocks on social media and as insider selling and a share-lockup expiration collided. The stock remains roughly 3% below its first trading level of $150 and about 14% under its IPO reference price of $135, despite the company's record IPO earlier this year that raised more than $85 billion.
President and COO Gwynne Shotwell filed a Form 144 to sell 342,170 shares at roughly $151.85 each, worth nearly $52 million, under a Rule 10b5-1 trading plan established in June. Separately, a lockup expiration on September 24 made up to 328.4 million insider shares eligible for trading, increasing potential supply and pressuring the stock. A similar unlock on September 9 contributed to a 3.9% one-day decline.
SpaceX is preparing for Starship Flight 14 on September 28, its first attempt at full orbit and its first revenue-generating mission carrying 26 Starlink V3 satellites. The AI division spent $15 billion in capital expenditures last quarter, up from $7 billion the prior quarter, while bringing in $2 billion in revenue. Wall Street maintains a Moderate Buy rating on SPCX with an average price target of $232.07, about 57% above current levels.
