SpaceX (NASDAQ:SPCX) shares are set to open above their initial public offering price of $135 per share on Monday, as the stock climbed 4.31% to $139.05 in premarket trading.

Monday’s gains followed a 15.83% bump on Friday, per Benzinga Pro data.

Gary Black Flags SpaceX’s Sharp Swings

SpaceX’s recent moves have drawn attention from investors like Gary Black, who said he remains cautious about the stock’s volatility. On Friday, Black said SpaceX shares surged to $200 before dropping 45% in 60 days.

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He argued the swings support his cautious approach, even as other investors stay bullish. Black said a single-day surge does not counter his thesis and…