The Space Exploration Technologies (NASDAQ:SPCX) share price has pulled off something like SpaceX’s 25 July test flight. After a promising start, it’s had a hard splashdown.

Shares have fallen 41% from their peak of $225.64 to around $133, and are now sitting roughly 17% below where they closed on day one back in June. So is it a bargain right now?

Watch the business, not the stock

While the SpaceX stock has been volatile, the underlying business hasn’t changed much. It’s still the world’s dominant launch provider and it’s still growing impressively.

This is what investors need to focus on. Over the long term, the share price is likely to reflect the company’s cash flows. 

Unless…