SpaceX stock rose on Monday to reclaim an important milestone: its $135 IPO price.

The stock jumped back above that threshold on Monday, rising to close 4% higher at $138.74 after struggling to mount a decisive gain early in the session. Shares are up more than 25% in August, and a 15% rally on Friday helped erase weeks of losses that hit the stock in July. Shares had dropped below the IPO price for the first time on July 15.

Traders had been fretting over a potentially bearish development last Thursday, with the expiration of the first lockup period allowing insiders and early investors to sell over 911 million shares.

The fear was short-lived, however, and hasn’t produced massive selling yet. However, at least one group took advantage of the sharp rally on Friday to take some gains.

Data shows that while retail traders rushed to buy the stock at the IPO and in the weeks that followed, individual investors sold the rip on Friday, trimming their positions as the stock surged.

“Retail are usually contrarian in nature, so net selling is not unusual on days where stocks rally – even for retail favorites,” said Jai Malhi, a senior equities strategist at Vanda Research, which tracks retail flows into single stocks and ETFs .” Friday’s net selling of SpaceX could be a case of taking some chips off the table or a short-term rotation. One day of net selling is likely too early to call this a retail capitulation.”

Malhi noted that while the SpaceX lockup period expiry likely created a larger pool of sellers, the selling pressure was nowhere near as strong as it could have been. Additionally, the fact that share prices remain low may be discouraging some holders from selling until prices recover.

SpaceX investors last week told Business Insider that they were conflicted over whether to sell as the first of several planned lockups expired. But for now, a wave of insider sales doesn’t seem to be factoring into the stock move.

“It’s less that the market suddenly no longer caring about insider or retail selling and more as the market realizing that the world’s worst-kept-secret supply event was nowhere near as damaging as everyone had positioned for,” stated Shay Baloor, chief market strategist at Futurum Equities.

Nicolas Owens, an equity analyst at Morningstar, noted that while may investors have been focused on the lockup period ending, that doesn’t mean every share made available was instantly sold. He also pointed out there remain few shares of the stock available, pointing to its thin float.

“Those 900m shares that came out of lockup were not all necessarily sold yet, and many have anticipated the lockup expiry as a potential buying opportunity,” he told Business Insider. “With the new float available some index funds were buyers last week because the free-float-adjust their weights.”