SpaceX Stock Today Has These 2 Positives. The Stock Is Still Falling.

SpaceX (SPCX) slid below its $135 June IPO price Thursday, even as a fresh Wall Street Buy rating and additional buying from Cathie Wood landed the same day.

China Renaissance initiated coverage of SPCX with a Buy rating and a $194.20 price target. That target sits roughly 44% above the $135 IPO price and well above where the stock now trades, given it has dipped under that level. Wood, the growth investor, added to her position as the shares fell.

The divergence is the story. Two bullish inputs, a new analyst initiation and a prominent growth buyer, failed to stop the decline. Interpretation: the market is treating the $135 IPO price as a pressure point, and shares breaking beneath it suggests sellers currently outweigh the sponsorship from both the analyst and Wood. A stock trading below its offer price after an initiation with a $194.20 target also leaves a wide gap between the sell-side view and the tape.

For traders, the $135 IPO level has flipped from presumed support to a line the stock must reclaim. Dip buyers are leaning on China Renaissance's $194.20 target and Wood's accumulation, but neither has yet changed price direction.