SpaceX Fell 3.9% on Its Third Lockup Release Since the IPO. I'd Wait to Buy the Stock.

SpaceX stock declined 3.9% to $147.55 on Wednesday as 319 million shares from employees and early investors became eligible for trading. This was the third lockup release since the company's June IPO. While the stock had climbed 9% in the three sessions prior, analyst Daniel Sparks recommends waiting to buy, citing the stock's expensive valuation at over 60 times revenue and billions more shares scheduled to unlock by early December.