SpaceX faces downward pressure ahead of its second phased lock-up expiration on August 20. The event will release approximately 319 million restricted shares. This volume represents about 7% of the company's total stock. Insiders and early investors may increase selling activity following the release.
The stock fell nearly 2% on Tuesday. Shares dropped another 0.44% in pre-market trading on Wednesday, August 19. The stock has struggled to break past the $150 resistance level. This expiration allows short sellers to increase bets against the company.