SpaceX stock was falling in Tuesday's premarket after a 3-day winning streak that pushed it back above its offer price pre-IPO.
The shares were down 1.2% at $137.14. It was priced at $135 before it started trading on June 12.
The stock has suffered since its June 16 $201.80 high. It had tumbled more than 30% from that record ahead of an end to the first lockup period for shares on Thursday. But the selloff market watchers had predicted didn't happen.
That sent the shares into a three-day rally but several things were weighing on sentiment again Tuesday.
First, AST SpaceMobile earnings. The satellite telecommunications company's figures missed expectations, but it maintained guidance -- which seemed enough for Cantor to raise its price target on the stock.
It is the major competitor to SpaceX's Starlink in Direct-to-Cell (D2C) space broadband and reported revenue of $31.5 million -- below the $35.18 million consensus, according to FactSet -- while posting an adjusted loss per share of $0.77 versus the expected $0.26 loss.
However, the company maintained its full-year 2026 revenue guidance of $150 million to $200 million and Cantor analysts believe it has plenty of room to grow with demand from telecommunications companies under threat from Starlink.
"As we put together the pieces, we think it's clear that ASTS can continue to be a winning equity story as it certifies its position as the verifiable 'next-best' satellite supply chain to OW-rated SPCX, scales its offerings across US allied nations (20+ countries) and inherits material demand from global telco operators who fear their eventual disruption by SPCX," the Cantor analysts wrote.
AST stock was down 2.8% in premarket trading Tuesday at $66.85. Cantor raised its target to $90 from $80 and maintained an Overweight rating on the shares.
Second, short-term traders are locking in gains after the stock got back above the IPO price and investors are possibly positioning ahead of the next release of shares.
While the last lockup expiration passed without a big selloff, the market is turning its attention to the next scheduled unlock on Aug. 20. That event will release another 7% tranche of restricted employee and pre-IPO shares, or around 320 million shares, onto the market, leading some traders to reduce risk ahead of the added supply.
SpaceX believes it will generate $1 trillion in annual revenue by 2030, and while plenty believe Elon Musk can drive it to those heights, the path there is likely to be volatile.
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