SpaceX stock has struggled after a brief burst of post-IPO enthusiasm, and bears are taking a moment to reiterate their bearish views on the stock.

A month after a historic initial public offering, SpaceX shares fell below the initial offering price of $135 on Wednesday, marking a 40% drop from its high of around $225.

Wall Street analysts were quick to issue bullish price targets when the stock joined the Nasdaq 100 earlier this month, but bears are emboldened by the drop, which they say reinforces the view that the stock was overvalued all along.

“You would expect the price to crash completely,” former Fidelity Overseas Fund manager and hedge fund founder George Noble told Business Insider. “I think it could be half that over the course of the year.”

Noble said $30 is a fair price target for SpaceX stock, a forecast that implies a 78% drop from Wednesday’s price. He also previously criticized Tesla, describing Musk’s electric vehicle company as the biggest bubble in stock market history.

Jay Ritter, an economist and market commentator nicknamed “Mr. IPO” for his experience and research on companies and capital markets, told Business Insider that he was considering selling SpaceX before its IPO. While Ritter didn’t say whether he’s betting against the stock yet, he added that he’s not at all surprised by the post-IPO drop.

CFRA analyst Keith Snyder gave the stock a “sell” rating immediately after its IPO and hasn’t wavered, even as many of his peers on Wall Street dole out bullish price targets and commentary in their initial coverage.

“I remain negative on valuation at these levels and I haven’t seen anything that would change the story for me,” Snyder told Business Insider last week. The only thing he says that would change his mind is actual growth.

Ed Elson, a day trader who co-hosts Scott Galloway’s Prof G Markets podcast, said in June that he considered the stock to be very overvalued and predicted it would halve over the next year.

On July 14, Elson shared an updated view on SpaceX, highlighting concerns about bullish sentiment among Wall Street analysts.

Elson explained why this may be problematic for investors, especially since many bullish analysts come from banks that backed the SpaceX IPO. In their view, they still have financial incentives to rate stocks favorably, even after the legal “quiet period” for insurers ends.

“Anyone who bought after the IPO is now underwater,” he said. “This is in line with the trend: Research shows IPOs recommended by insurance bank analysts underperform and, on average, lose value.”