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SpaceX shares slide as Tesla prepares to report earnings
SpaceX stock is down more than 5% and has lost about 20% since early last week, after scrapping a Starship V3 launch attempt tied to an engine issue.
SpaceX shares fell more than 5% on Wednesday following a rough patch, according to Yahoo Finance. The decline comes as CEO Elon Musk’s other company, Tesla, is set to report second-quarter earnings after the bell.
Yahoo Finance reports SpaceX has shed about 20% since early last week, and the move followed the company scrapping plans to launch Starship V3 on Thursday night due to an engine issue. The selloff continued into Friday, and the stock hit an all-time closing low of $119.85 on Monday.
With no new catalysts in the near term, some market watchers cited by Yahoo Finance are watching the $100 area next. Shares also closed below $150 for the first time on July 10, the IPO debut price, and later closed below $125 on July 17, its IPO price from June 12.
Looking ahead, Yahoo Finance says SpaceX is targeting Thursday as the next earliest test for Starship and expects second-quarter financials on Aug. 4. It also flagged an insider share unlock on Aug. 6, with as many as 900 million shares, about 20% of eligible locked shares, set to be eligible for trade, plus an additional 10% unlock if the stock trades above $175.50 for five of 10 consecutive trading days.