Space Exploration Technologies (SPCX +5.68%) didn’t have many good days in July, as its stock declined 31%. It ended the month at a share price of about $108, well below the $135 IPO price.

Cathie Wood, founder and CEO of Ark Invest, has been a vocal supporter of SpaceX, saying she thinks it “could become the most important company in history, and I mean in global history.” With praise like that, it’s probably no surprise that Wood is buying the dip on SpaceX, but retail investors may want to be more cautious.

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Ark Invest has been scooping up SpaceX

Across its various exchange-traded funds (ETFs), Ark Invest bought 229,651 shares of SpaceX on July 27 and 28. It also bought 68,145 shares of Tesla during the…