SpaceX Stock Is Sliding. Should You Buy the Dip?
By newsfeedback@fool.com (Adria Cimino)
Read original article on Motley FoolSpace Exploration Technologies' (NASDAQ: SPCX) market debut may have been one of the most exciting investing events of the year. For a few reasons. First, it involved a company pursuing three innovative businesses: space, satellite connectivity, and artificial intelligence (AI). Second, Elon Musk, known for his aggressive push into challenging but potentially lucrative fields, leads the company.
Finally, and perhaps the most compelling reason of all, SpaceX launched the biggest initial public offering on record, raising more than $85 billion after the exercise of an overallotment option, and entered the market with a trillion-dollar valuation. Its market value immediately put it on par with market giants such as Nvidia and Amazon -- companies that took years to reach such levels.
Though SpaceX stock took off in its first days of trading, its path since hasn't been as positive. Today, the stock is down about 3% from its opening price of $150 and down 14% from its IPO price of $135. Should you buy on the dip? Let's find out.
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