It’s been about one month since SpaceX's (NASDAQ: SPCX) initial public offering (IPO), and the stock is down approximately 11% from its first trade on June 12. But cynics shouldn’t take a victory lap quite yet.
Some of the pullback is due to a simple, mechanical reason. There are a massive number of shares outstanding that haven’t been soaked up by institutional investors. Plus, IPOs have a track record of “underperforming” after their debut.
