SpaceX (NASDAQ: SPCX) stock recorded its first proper corporate insider trade on Tuesday, September 22.
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This signal is triggered upon the reporting of the trade to the Securities and Exchange Commission (SEC).
Specifically, a Thursday Securities and Exchange Commission (SEC) filing revealed that President and chief operating officer (COO) Gwynne Shotwell sold 342,170 SPCX shares two days earlier at an average price of $153.57.
In total, the SpaceX COO raised $52.5 million from the insider trade.
Simultaneously, Shotwell also disclosed exercising SPCX derivatives both on April 18 and on September 22 – the same day as the actual sale.
Following the transaction, the company’s COO owns slightly less than 6.5 million SPCX shares, worth approximately $956 million given that the SpaceX stock’s latest closing price was $148.03.
Receive Signals on SEC-verified Insider Stock Trades
This signal is triggered upon the reporting of the trade to the Securities and Exchange Commission (SEC).
Investor fears of major SpaceX stock insider selling yet to materialize
Meanwhile, Gwynne Shotwell’s equity trade appears short of the insider selling deluge many company investors have been fearing for months due to the relatively swift unlockings for insiders.
Indeed, some pre-initial public offering (IPO) share owners received the right to sell their equity less than two months after SpaceX hit the market, which, paired with the unusually low float, led to widespread fears that retail would end up providing exit liquidity to wealthy insiders.
Receive Signals on SEC-verified Insider Stock Trades
This signal is triggered upon the reporting of the trade to the Securities and Exchange Commission (SEC).
Instead, recent disclosures revealed that some exceptionally high-net-worth individuals with a developed relationship with Elon Musk took to purchasing SPCX equity since the IPO.
This famous billionaire invested in SpaceX stock in June and July
Perhaps most notably, President Donald Trump bought up to $100,000 worth of SpaceX stock between two trades – one on June 23 and the other on July 10 – though they also conducted an admittedly far smaller sale as well: up to $15,000 on July 17.
Elsewhere, many early post-IPO SPCX investors – including the billionaire Republican on his first buy – remain underwater on their trades.
While SpaceX stock is, at its latest $148.03 close, above the original $135 price, it is 1.31% below the day-one open of $150 and 8.03% below the first-day close of $160.95.
Additionally, President Donald Trump is down 5.18% on the June 23 purchase – SPCX closed at $156.11 on the day – and is up a relatively limited 1.88% on the July 10 purchase, as it was executed close to $145.30.
What is next for SpaceX stock price?
Lastly, despite the massive September 22 insider sale and the relatively sluggish performance, Wall Street remains optimistic about Elon Musk’s newer public company, and the firm could benefit from two major catalysts in the near future.
On Monday, September 28, SpaceX will conduct its experimental Starship Flight 14, providing the first potential injection of enthusiasm, and the world’s first trillionaire estimated that xAI could develop an artificial intelligence (AI) model comparable to Fable and GPT-6 within two to three months.
Featured image via Shutterstock
