Stock Market Today, Aug. 6: Space Exploration Technologies Rises Despite First Lockup Expiration
Space Exploration Technologies (NASDAQ:SPCX), a rocket launch, spacecraft manufacturing, and satellite broadband services provider, closed at $114.92, up 6.14%. The stock surged after its first major lockup expiration made about 911.5 million insider shares eligible for sale. Investors are watching potential selling pressure and added float. Trading volume reached 252.4M shares, coming in about 109% above its three-month average of 121.0M shares. Space Exploration Technologies IPO'd in 2026 and has fallen 29% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 0.16% to 7,711, and the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.06% to 26,348. Among aerospace and defense and launch-services peers, Rocket Lab (NASDAQ:RKLB) closed at $75.67, up 1.14%, while AST SpaceMobile (NASDAQ:ASTS) finished at $67.36, down 1.49%, reflecting mixed trading across space-linked names after the float unlock in Space Exploration Technologies.
What this means for investors
It was supposed to be a high-risk day for SpaceX investors as the number of tradable SPCX shares more than doubled due to the company’s first major lockup expiration, but the stock rose 6%. It is virtually impossible to pinpoint the exact reason why this was the case, but it somewhat quells a significant fear that faced the stock previously.
S3 Partners believe short interest on the stock’s tradable float could be as high as 36%, so it is entirely possible that some of today’s rise came from covering short positions after SPCX stock dipped over 10% following earnings on Tuesday. Regardless of what’s moving the stock, today’s resilience is encouraging and serves as a reminder to prioritize the stock’s actual operations and long-term vision over short-term news items like today’s “big” lock-up expiration headlines.
Should SpaceX hit management guidance for $100 billion in ARR by the end of the year, its $1.5 trillion market cap wouldn’t be as outlandish as it may seem at first blush. That said, interested investors would be wise to make small purchases over time, rather than going “all-in” on the company at any point in the near future. Volatility will likely persist.
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Josh Kohn-Lindquist has positions in Rocket Lab and Space Exploration Technologies. The Motley Fool has positions in and recommends AST SpaceMobile and Rocket Lab. The Motley Fool has a disclosure policy.
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