SpaceX Stock Slides for Third Consecutive Day as Analyst Questions Valuation

SpaceX stock was falling early Monday as Wall Street analysts showed skepticism about the valuation of Elon Musk’s space company after its huge initial public offering. If the move in SpaceX stock holds, it will mark a third consecutive session of losses, although the shares remain well above their IPO price of $135. KeyBanc analyst Michael Leshock and his colleagues initiated coverage of the stock with a Sector Weight rating and no price target, citing the need for more evidence on the progress of SpaceX’s larger reusable rocket, Starship, to justify a more positive outlook.