SpaceX in focus as Russell index inclusion brings $2.68 billion demand, short interest up
SpaceX is heading into Friday’s Russell index rebalance with a 31.5% drop from its post-IPO peak, putting pressure on supply. The shares slipped 1% Wednesday to $154.54, but remain 14.5% higher than their $135 IPO price. SpaceX’s market cap stood at around $2.03 trillion. Jefferies Financial Group is projecting that funds tracking Russell indexes may end up buying $2.68 billion in SpaceX shares, which would amount to around 17.3 million shares at Wednesday’s close. “The options activity has gotten more balanced. It’s not as completely euphoric as it was day one,” Steve Sosnick, chief strategist at Interactive Brokers Group, said.