Space Exploration Technologies (SPCX +1.17%) went public last month, and out of the gate, it was red hot, rising to nearly $226 — a big increase from the $150 it opened at on its first trading day. Since then, however, the stock, which more commonly goes by just SpaceX, has been falling, and on Tuesday it was back to around the $150 mark again.

The stock has effectively given back those early gains, virtually assuring that just about anyone who bought in those early days is in the red. Has the excitement already faded for the stock, and could it be headed for more of a decline, or is now a good opportunity to buy SpaceX?

Image source: Getty Images.

Trading volumes have come down significantly

There was huge interest in SpaceX when…