Space Exploration Technologies Corp. (NASDAQ:SPCX) shares are in the spotlight Tuesday as the company officially joins the Nasdaq-100 Index today — while the IPO quiet period expires, unleashing a flood of analyst coverage.
- SpaceX stock is showing downward bias. What’s next for SPCX stock?
The Nasdaq-100 Inclusion
SpaceX becomes a component of the Nasdaq-100 Index as of today’s open — one of the quickest ever additions to the high-profile index after Nasdaq rewrote its eligibility rules to allow newly public mega-cap companies to join without the traditional seasoning period. The Nasdaq-100 is tracked by more than 200 investment products with over $800 billion in assets under management globally. Estimates suggest passive investors could purchase up to $4.3 billion in shares from the QQQ ETF alone, with total Nasdaq-100 and Russell index tracking fund buying potentially reaching $27 billion — all flowing into a public float of only 3% to 5% of outstanding shares.
Analyst Coverage Flood
With the IPO quiet period expiring today, Wall Street is weighing in on SpaceX for the first time — and the early read is broadly bullish. The stock now carries a Buy consensus with an average price target of $234.05. A sample of today’s initiations include:
- Bernstein initiated with Outperform and a $239 price target
- Clear Street initiated with Buy and a $217 price target
- RBC Capital initiated with Outperform and a $225 price target
SpaceX Shares Tumble Lower
SPCX Price Action: At the time of publication, SpaceX shares are trading 1.10% lower at $158.66, according to data from Benzinga Pro.
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