The Zhitong Finance App learned that as the much-publicized “Starship” rocket's new round of test flights and the first quarterly earnings report after launch approaches, the stock price of SpaceX (SPCX.US) continues to be under pressure, and the balance of shorting capital continues to expand. The data shows that as the stock price falls close to the IPO issue price, the short book profit is close to $3.9 billion.
According to data compiled by S3 Partners, up to now, the surplus of investors shorting SpaceX has increased to US$3.88 billion. The company's stock price currently hovers around $135 per share, which is basically the same as the initial public offering (IPO) issue price. SpaceX shares once fell to $132.15 during Wednesday's intraday session, falling for the fourth consecutive trading day.
The data shows that bears have continued to increase their bets recently. Currently, about 181 million SpaceX shares have been shorted, accounting for about 28% of tradable shares. This ratio is at a high level among newly listed companies.
Ihor Dusaniwsky, managing director of S3 Partners, said that the recent continued weakening of stock prices and the upcoming expiration of the lockdown period for listed shares are the main reasons driving the continued expansion of the scale of shorting. He said, “The recent weak stock price has spurred more investors to establish short positions, and the market is also planning ahead of schedule for potential selling pressure after the lockdown period is lifted.”
According to the data, since hitting a closing high on June 16, SpaceX's stock price has dropped by about one-third, and the company's market value has evaporated by about 860 billion US dollars.
In the next few days, the market's focus will shift to the 13th SpaceX “Starship” rocket test mission, which may be carried out as soon as this Thursday. The results of this test flight are thought to be an important catalyst for influencing market sentiment.
Meanwhile, investors have further increased their bearish bets on SpaceX over the past week. According to the data, about 37 million additional shares were shorted, corresponding to a market value of about 5 billion US dollars.
In addition to the rocket test flight, the market is also closely watching SpaceX's first quarterly earnings report after launch, which is expected to be announced in the next few weeks. After the financial report is released, the ban on some shares held by the company's pre-listing shareholders will be lifted for the first time. Millions of shares will enter market circulation one after another, and potential additional supply may further exacerbate stock price fluctuations.
Market participants believe that due to multiple factors such as test flight results, financial performance, and large-scale lifting of the ban, SpaceX's short-term stock price fluctuations may further intensify, and the long and short game will continue to heat up.