SpaceX (SPCX) stock is back around its IPO price, putting investors in a familiar dilemma: Is this a buying opportunity or another warning sign? Shares dropped nearly 5% on Thursday to $132.69, slipping beneath the company’s $135 IPO price and ending a streak of six consecutive closes above that benchmark. The decline came after SPCX repeatedly struggled to break through $150, the price at which it opened on June 12.

For a stock that once surged to $225.60, the reversal has been dramatic. SpaceX has already fallen nearly 40% from its June peak and traded as low as $104.83 on Aug. 3. Yet the underlying business is growing at a remarkable pace. That makes the question…