According to a poll on Stocktwits, more than one-third of poll respondents said they would only add to their positions if SPCX stock falls below $80, while another 28% are waiting for prices below $100.
- SPCX stock recovered in pre-market trade on Tuesday after hitting a record low of under $120 in the previous session.
- The rebound came after Cathie Wood’s Ark Invest added more than 170,000 shares across several ETFs.
- SpaceX has fallen roughly 47% from its post-IPO high and now trades below its IPO price despite Wall Street maintaining an average price target near $240.
Shares of Elon Musk-led SpaceX (SPCX) rose in pre-market trade on Tuesday after hitting a fresh record low of under $120 in the previous session, but most retail traders on Stocktwits say they won’t be adding SPCX to their position until the stock drops further.
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.
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.
Retail Investors Want Lower Prices
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, arguing that timeline undercuts the bull case on the numbers alone.
Retail Investors Eye First Earnings Report
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. Not only has it erased its entire post-listing premium, but it has also dipped below its offer price within about five weeks of trading.
Wall Street's own view hasn't moved anywhere close to as far as the stock has. The 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’.
Investors are also 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.
Read also: CIFR, CLSK, MARA Stocks Jump After Hut 8, IREN Fuel Digital Infrastructure Rally
For updates and corrections, email newsroom[at]stocktwits[dot]com<
