Intuitive Machines (NASDAQ:LUNR) Trading Down 8.8% – Here’s What Happened

Intuitive Machines, Inc. (NASDAQ:LUNR)’s stock price traded down 8.8% on Wednesday . The stock traded as low as $18.92 and last traded at $19.1050. 11,308,867 shares were traded during mid-day trading, a decline of 17% from the average session volume of 13,634,610 shares. The stock had previously closed at $20.95.

Analysts Set New Price Targets

Several brokerages recently issued reports on LUNR. Weiss Ratings restated a “sell (d-)” rating on shares of Intuitive Machines in a research report on Tuesday, April 21st. Canaccord Genuity Group lifted their price target on shares of Intuitive Machines from $24.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $34.00 price objective on shares of Intuitive Machines in a research report on Wednesday, May 20th. Zacks Research cut Intuitive Machines from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Finally, Roth Mkm lifted their target price on Intuitive Machines from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Intuitive Machines has a consensus rating of “Hold” and an average target price of $31.50.

Intuitive Machines Price Performance

The firm’s 50-day moving average price is $29.64 and its 200-day moving average price is $22.10. The stock has a market cap of $4.30 billion, a P/E ratio of -22.62 and a beta of 1.68.

Intuitive Machines (NASDAQ:LUNR) last issued its earnings results on Thursday, May 14th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.18). The company had revenue of $186.73 million for the quarter, compared to analysts’ expectations of $202.95 million. Sell-side analysts expect that Intuitive Machines, Inc. will post -0.35 earnings per share for the current year.

Insider Buying and Selling at Intuitive Machines

In related news, CFO Peter Mcgrath sold 24,554 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $23.61, for a total value of $579,719.94. Following the sale, the chief financial officer directly owned 401,246 shares in the company, valued at approximately $9,473,418.06. The trade was a 5.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Stephen J. Altemus sold 13,751 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $23.61, for a total value of $324,661.11. Following the completion of the sale, the chief executive officer owned 1,162,495 shares in the company, valued at $27,446,506.95. This represents a 1.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 1,066,527 shares of company stock worth $29,896,194. Insiders own 54.10% of the company’s stock.

Institutional Trading of Intuitive Machines

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its position in shares of Intuitive Machines by 188.9% during the 1st quarter. Bank of America Corp DE now owns 1,882,973 shares of the company’s stock valued at $34,948,000 after acquiring an additional 1,231,188 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in Intuitive Machines in the first quarter worth $59,000. Janus Henderson Group PLC raised its stake in Intuitive Machines by 38.9% during the first quarter. Janus Henderson Group PLC now owns 51,100 shares of the company’s stock valued at $947,000 after purchasing an additional 14,300 shares in the last quarter. California State Teachers Retirement System raised its stake in Intuitive Machines by 28.2% during the first quarter. California State Teachers Retirement System now owns 126,442 shares of the company’s stock valued at $2,347,000 after purchasing an additional 27,793 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Intuitive Machines by 2.4% during the first quarter. The Manufacturers Life Insurance Company now owns 53,679 shares of the company’s stock valued at $996,000 after purchasing an additional 1,235 shares during the last quarter. Institutional investors own 72.21% of the company’s stock.

Intuitive Machines Company Profile

Intuitive Machines is a Houston, Texas–based aerospace company specializing in commercial lunar exploration and services. The firm develops end-to-end solutions for robotic missions to the Moon, providing spacecraft design, mission management, navigation, communications, and data services under NASA’s Commercial Lunar Payload Services (CLPS) program.

Founded in 2013 by aerospace engineers Steve Altemus, Tim Crain and Kris Kimel, Intuitive Machines has grown from a small startup into one of the leading private entities pursuing lunar surface deliveries.