For weeks, the debate around Space Exploration Technologies Corp. (NASDAQ:SPCX) has centered on one question: Is the stock too expensive? George Noble, a former Peter Lynch protégé and veteran market strategist, argues investors are focused on the wrong risk.
In a note published this week, Noble said SpaceX’s biggest challenge isn’t its triple-digit price-to-sales multiple—it’s a lockup schedule that could increase the stock’s tradable float by roughly 900% over the coming months as insider shares become eligible for sale.
