Starfighters Space Inc (FJET) saw its shares plummet by 42.38% during intraday trading on Tuesday, marking a sharp correction after a massive 300% surge following its recent IPO.
The extreme volatility is attributed to speculative trading and profit-taking by early investors. The stock had skyrocketed to highs of $31.50 on Monday, driven by broader momentum in the space sector and excitement surrounding its IPO. However, the lack of historical benchmarks and limited float exacerbated price swings, leading to Tuesday's steep decline.
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