SpaceX Shares Sink Below Debut Price Despite Nasdaq-100 Inclusion

SpaceX shares fell to an all-time low, dropping below their market debut price despite the company's recent inclusion in the Nasdaq-100 Index, according to a Yahoo Finance report by Pras Subramanian.

Shares of SpaceX are trading below their initial public offering price. (Photo: Official SpaceX Photos Flickr)

The stock fell to an intraday low of $145.20 before closing at $149.29, below its $150 market debut price.

SpaceX shares declined 7 percent despite their addition to the Nasdaq-100, an event that typically attracts buying from exchange-traded funds (ETFs) and mutual funds tracking the index.

Analysts suggested that the inclusion had already been priced into the stock, while broader weakness in the Nasdaq also weighed on investor sentiment.

Positive analyst coverage also failed to stem the decline. Yahoo Finance's Julie Hyman reported that 12 of the 17 investment banks that underwrote SpaceX's initial public offering initiated coverage with Buy or equivalent ratings.

Among the most optimistic assessments was Morgan Stanley analyst Adam Jonas, who began coverage with an Overweight rating and a $300 price target.