Why SpaceX Stock Plummeted This Week
SpaceX (NASDAQ: SPCX) stock suffered a huge pullback in its second full week of trading following its initial public offering on June 12. The company's share price declined 20.2% in a week of trading that saw the S 500 decline roughly 2%, and the Nasdaq Composite fall 4.6%.
In addition to bearish momentum for the broader market, SpaceX's valuation contracted in conjunction with fading post-IPO excitement. The company's share price closed out the week down roughly 4.8% from the $160.95 per share price it had on the day of its public debut, and the stock is now down 24% from its high.
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Source Fool.com
