Jim Cramer Believes SpaceX (SPCX) Caused NASDAQ Selloff
Jim Cramer Believes SpaceX (SPCX) Caused NASDAQ Selloff.
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We recently published Jim Cramer Insisted Recent AI Chip Selloff Wasn't A Bottom & Discussed These 17 Stocks . Space Exploration Technologies Corp. (NASDAQ:SPCX) is one of the stocks discussed by Jim Cramer.
After their IPO last month, Space Exploration Technologies Corp. (NASDAQ:SPCX)'s shares haven't shown much growth. They are down by 7% over their first day closing price of $160.95 and are up by roughly $15 over their listing price of $135. With the initial quiet period having elapsed, several financial firms have commented on Space Exploration Technologies Corp. (NASDAQ:SPCX)'s stock recently. For instance, on June 23rd, Susquehanna initiated coverage to set a Neutral rating and a $170 share price target. The firm commented that investors should search for a better entry point into the stock. Keybanc initiated coverage on the 22nd and set a Sector Weight rating. The bank remarked that several of Space Exploration Technologies Corp. (NASDAQ:SPCX)'s strong suits, such as AI growth and rocket launch dominance, were already priced into the stock. Cramer commented on the aerospace and defense company in tweets:
"I think the end of the day NASDAQ sell off was totally related to the inclusion of SpaceX into the Nasdaq 100. Could be more hangover tomorrow morning…
"The addition to the Nasdaq 100 of SpaceX comes at a good time: so many buys put on this one. Would have moved it"
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READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy .
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