Tom Sosnoff, Chief Executive Officer at LossDog, predicted that Space Exploration Technologies Corp. (NASDAQ:SPCX) stock will head “under 135″—dropping below its initial public offering price—after revealing he locked in rapid profits by selling his own allocation “at 158.”

The Post-IPO Prediction

Speaking on the episode of The Drift with Benzinga, Sosnoff expressed strong conviction that the newly public aerospace giant is bound for a downward correction before the end of the year.

While he dismissed fears of a total collapse to $100, he stated that the market’s current trajectory is unsustainable. “I feel strongly that the stock will trade under 135,” Sosnoff noted, pointing toward an aggressive expected move of roughly $75 over the next 60 days.

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