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SPCX Stock Jumps 5% as $100B in Elon Musk's SpaceX Shares Unlock for Trading
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in premarket trading on Thursday after Bernstein raised its price target on SpaceX, even as more than $100 billion worth of previously locked shares became eligible for trading.
The lock-up expiration more than doubled the company's public float, increasing the number of tradable shares and adding fresh attention to potential insider selling.
SpaceX Lock-Up Expiration Expands Tradable FloatMore than 911 million previously restricted SpaceX shares became eligible for public trading after the company's first major post-IPO lock-up expired.
Bernstein Raises Price Target After Earnings BeatBernstein maintained its and increased its price target to $248 from $239.
Piper Sandler lowered its price target to $140 from $156 while maintaining that execution challenges could limit upside despite Elon Musk's long-term revenue targets.