SpaceX Falls to $148, Breaks IPO Opening Price After Nasdaq-100 Inclusion

According to CNBC, SpaceX fell to $148 on July 8, dropping below its initial public offering opening price of $150 for the second consecutive trading day. The aerospace and defense company, led by Elon Musk, was added to the Nasdaq-100 index on July 7, less than a month after its June 12 debut. The addition triggered automated purchases by index-tracking funds and ETFs.

SpaceX raised $85.7 billion in its IPO, one of the largest on record, after underwriters exercised the greenshoe option. Morgan Stanley initiated coverage with an overweight rating and $300 target price, while Bernstein set a $239 target and RBC Capital Markets a $225 target. UBS assigned a buy rating with a $210 twelve-month target.