GameStop breaks below $30, nears 50-day moving average

Shares of GameStop are slumping more than 6%, breaking below $30. That’s a level the stock had reclaimed in mid-December for the first time since Roaring Kitty announced a livestream on June 6. Keith Gill would go on to unpack his huge position in the company and bull case the following session.

At its low of the day on Tuesday, GameStop nearly kissed its 50-day moving average, a level it’s held since late October. Back then, shares were buoyed by extremely large options bets looking for a 300% rally.

These lottery-ticket call options would require another meme-stock mania in the embattled brick-and-mortar retailer by the end of this week to be in the money — and are now trading at $0.02. The most aggressive wagers were put on at a price of about $0.75.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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