SpaceX stock is under pressure near a record low as traders prepare for the company’s first post-IPO earnings report and the release of 911.5 million insider shares. The stock closed July 31 at $108, down 3.41% during the session and about 36% from its July 1 price of $171.
Earnings Expectations
Wall Street expects SpaceX to report quarterly revenue of between $6.72 billion and $6.9 billion. Results above that range could ease concerns about the company’s valuation and encourage buyers to return after four consecutive weeks of losses.
Unlock and Short Positioning
The Aug. 6 unlock represents the main downside risk because it will make 911.5 million insider shares eligible for sale. Short positioning has also added pressure, with S3 Partners data showing that investors had shorted 219.3 million shares, representing about 39% of the stock available for public trading.
Technical Analysis
The one-hour SPCX chart shows the stock trading around $108.39 after declining within a broad descending channel. Price is now testing the $107.10 Fibonacci level, which forms the most immediate support. A confirmed break below $107.10 would remove the final marked retracement support on the chart.
