SpaceX Erases Its IPO Pop 📉 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Shake Pryzby.
SpaceX has completed the infamous IPO round trip, surrendering all of its post opening-day gains following a historic market debut.
The stock currently sits in a 33% drawdown from its $225 peak, with the technical damage accelerating after SPCX broke below its IPO-day VWAP on June 22, signaling that the average buyer from its debut had fallen underwater.
Now, every investor who bought the IPO is sitting on a loss after the stock closed at its lowest level since going public, which ironically happened to be on the same day it officially joined the Nasdaq 100.
The Takeaway: The SpaceX euphoria has officially faded, with the stock closing at new record lows.
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