Bloomberg) -- [SpaceX](https://blinks.bloomberg.com/securities/SPCX%20US%20Equity) shares slumped to their lowest level since the rocket, satellite, and artificial intelligence company went public as investor fanfare quickly evaporated in the month since its trading debut.
The stock fell 2% to $133.34 on Wednesday, breaking below the $135 per share level that it sold them to investors at last month as part of a record $86 billion offering.** **SpaceX shares have been subject to volatility usually associated with new IPOs, surging nearly 50% over their first three days of trading, only to lose nearly a quarter of their value over the next three sessions.

There could be more pain ahead too. The first of many share lockups that have kept early investors from selling shares are set to expire once the company reports its first set of quarterly results — something it must do in the coming weeks. If those investors begin to sell after the expiration, it could lead to more downside pressure for stocks.
Some of the stock’s early gains may have also been fueled by forced by from passive index-tracking funds. Shares of the Elon Musk-led company were added to the Nasdaq 100 Index in July after Nasdaq Inc. changed its rules to allow newly listed, large-cap companies to be included in the index in as little as 15 trading days, down from the previous three-month minimum.
The stock also became a member of the Russell 1000 Index in late June, just two weeks after its IPO. Bloomberg Intelligence analyst Rob Du Boff estimated that SpaceX’s inclusion in the Nasdaq 100 and FTSE Russell gauges would drive at least $5.4 billion in buying from index funds.
Despite the slump, Wall Street remains largely upbeat on the stock. The end of a quiet period for analysts at banks that participated in the IPO ushered in a spate of bullish analyst reports, including Raymond James’ Street-high $800 price target.
More than 80% of analysts tracked by Bloomberg give the company a buy-equivalent rating, and their average price target of about $238 implies roughly 78% upside from where shares currently trade.