SpaceX shares closed at $113.50 on Monday, down nearly 50% from their June record high of $225.64, according to ChainCatcher. The decline has erased more than $1.2 trillion in market value, a figure the report said is almost equal to the full market capitalization of another Elon Musk company, Tesla.
The stock has fallen in 13 of the past 16 trading sessions. In the options market, put volume exceeded call volume during the day, pointing to a defensive tone in trading. Even so, four of the five largest premium trades were neutral or bullish strategies, showing that not all large-position activity was positioned for further downside.
SpaceX is set to release its first earnings report since going public next week. On Aug. 6, the second full trading day after that release, the company will face a lock-up expiration. Eligible investors will be able to sell as many as 911.5 million shares, equal to 20% of their qualified holdings. Market participants cited by the report said the impact of the unlock may come in below broader concerns, though it is still seen as a source of pressure for the stock.
SpaceX shares closed at $113.50 on Monday, down nearly 50% from their June all-time high of $225.64, according to ChainCatcher. The drop has wiped out more than $1.2 trillion in market value, almost equal to the full valuation of another Elon Musk company, Tesla.
The stock has declined in 13 of the past 16 trading sessions. In the options market, put volume was higher than call volume on the day. At the same time, four of the five largest premium trades were neutral or bullish strategies.
SpaceX is due to release its first earnings report since listing next week. On Aug. 6, the second full trading day after that report, the company will reach a lock-up expiration. Investors will be allowed to sell up to 911.5 million shares, representing 20% of their qualified holdings. Market participants said the unlock may have less impact than many have feared, but it is still expected to weigh on the stock.
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