Changes in US stocks | Once again bearish on SpaceX (SPCX.US) by established investors, fell more than 5% at the beginning of the session

The Zhitong Finance App learned that on Monday, SpaceX (SPCX.US) fell more than 5% at the beginning of the session to $137.68, once again setting a new low since its launch, with a cumulative drop of more than 37% from its all-time high of $225.64. According to the news, veteran investor George Noble once again voiced a bearish voice and warned that the stock would face concentrated pressure from insiders to reduce its holdings in the coming months. Noble pointed out that SpaceX's valuation is seriously out of touch with fundamentals. He estimated that when the company was listed at an issue price of 135 US dollars, the market sales rate was already over 90 times, and once it was close to 140 times the market sales rate.

He pointed out that the lockdown schedule already announced by the company shows that the ban on insider shares will be lifted in batches — starting after the release of the second-quarter earnings report and continuing until the end of the year. The final batch is scheduled to be unblocked in June 2027. According to Noble's estimates, as employees and early investors get permission to reduce their holdings, these unbanned batches may cause a sharp expansion in tradable share capital. He believes that the main catalyst for stock prices in the coming months is not company fundamentals, but rather the disclosed schedule for lifting the ban. Noble said that Starlink (Starlink) is SpaceX's only continuously profitable business, but this business alone is insufficient to support the company's current market value. He estimated a reasonable valuation of SpaceX at around $30 per share and called the company “the worst large-cap valuation bubble I've ever seen.”