SpaceX Stock Selloff: 'Don't Even Think About Bottom-Fishing,' Expert Says - SpaceX (NASDAQ:SPCX)

SpaceX shares sank after a record IPO, with an expert warning investors not to look for a bottom. The stock was priced at $135 for the IPO, then traded around $150 and rose for weeks on strong demand. Last week, however, the selloff resumed, and new lows were hit again on Monday, according to Tilson. In a daily newsletter, Tilson advised investors to stay away, citing valuation of about 92 times trailing revenues, which he says implies the stock remains nearly 10 times overvalued versus a “generous” 10-times-revenues multiple. Tilson also cautioned that analyst price targets may be influenced by fee arrangements tied to a $500 million IPO fee pool. On Monday, SpaceX was down 1.2% to $122.52, within a post-IPO trading range of $120.10 to $225.64.