By Shashwat Chauhan
Aug 10 (Reuters) - Retail investors who spent weeks defending ***** eX through its post-IPO run turned net sellers on Friday, marking the first such instance since the company's blockbuster debut in June.
Mom-and-pop traders sold a net $4.5 million in Elon Musk's rocket company on August 7, the first net negative reading since the company went public on June 12, according to Vanda Research data.
"A shift from persistent net buying to selling is rarely about one catalyst, it is usually a mix of profit-taking, position fatigue and investors reassessing the risk-reward," said Sam North, market ***** yst at etoro.
"Friday is particularly interesting because retail turned net sellers while the shares were rebounding strongly and trading back around the IPO price. That looks more like investors using strength to take some money off the table than panic selling."
#first
Aug 10 (Reuters) - Retail investors who spent weeks defending ***** eX through its post-IPO run turned net sellers on Friday, marking the first such instance since the company's blockbuster debut in June.
Mom-and-pop traders sold a net $4.5 million in Elon Musk's rocket company on August 7, the first net negative reading since the company went public on June 12, according to Vanda Research data.
"A shift from persistent net buying to selling is rarely about one catalyst, it is usually a mix of profit-taking, position fatigue and investors reassessing the risk-reward," said Sam North, market ***** yst at etoro.
"Friday is particularly interesting because retail turned net sellers while the shares were rebounding strongly and trading back around the IPO price. That looks more like investors using strength to take some money off the table than panic selling."
#first
3 months ago
