Intuitive Machines (NASDAQ:LUNR) Trading Up 6% – Here’s What Happened

Shares of Intuitive Machines, Inc. (NASDAQ:LUNR) rose 6% during mid-day trading on Monday . The stock traded as high as $21.28 and last traded at $20.97. 10,445,874 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 13,591,258 shares. The stock had previously closed at $19.79.

Analysts Set New Price Targets

A number of research firms have commented on LUNR. Zacks Research lowered Intuitive Machines from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. B. Riley Financial reiterated a “buy” rating on shares of Intuitive Machines in a research report on Wednesday, June 24th. Roth Mkm increased their target price on Intuitive Machines from $25.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $34.00 price target on shares of Intuitive Machines in a research report on Wednesday, May 20th. Finally, KeyCorp boosted their price target on Intuitive Machines from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Intuitive Machines currently has a consensus rating of “Hold” and an average price target of $31.50.

Intuitive Machines Stock Down 5.6%

The firm has a 50 day simple moving average of $29.31 and a two-hundred day simple moving average of $22.29. The stock has a market capitalization of $4.38 billion, a P/E ratio of -22.95 and a beta of 1.68.

Intuitive Machines (NASDAQ:LUNR) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.18). The firm had revenue of $186.73 million during the quarter, compared to the consensus estimate of $202.95 million. On average, research analysts predict that Intuitive Machines, Inc. will post -0.36 earnings per share for the current year.

Insider Activity

In other news, Director Kamal Seyed Ghaffarian sold 141,909 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $39.02, for a total value of $5,537,289.18. Following the sale, the director directly owned 3,494,768 shares in the company, valued at approximately $136,365,847.36. This trade represents a 3.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Stephen J. Altemus sold 13,751 shares of Intuitive Machines stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $23.61, for a total transaction of $324,661.11. Following the sale, the chief executive officer directly owned 1,162,495 shares in the company, valued at $27,446,506.95. This trade represents a 1.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 1,066,527 shares of company stock valued at $29,896,194. Corporate insiders own 54.10% of the company’s stock.

Institutional Trading of Intuitive Machines

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Intuitive Machines by 13.3% during the third quarter. Vanguard Group Inc. now owns 6,090,059 shares of the company’s stock worth $64,067,000 after buying an additional 717,256 shares in the last quarter. Trustees of the University of Pennsylvania acquired a new stake in shares of Intuitive Machines during the 4th quarter valued at $52,689,000. UBS Group AG grew its position in Intuitive Machines by 22.0% during the 4th quarter. UBS Group AG now owns 3,095,383 shares of the company’s stock worth $50,238,000 after acquiring an additional 557,517 shares during the last quarter. Geode Capital Management LLC grew its position in Intuitive Machines by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 2,735,161 shares of the company’s stock worth $44,399,000 after acquiring an additional 61,084 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Intuitive Machines by 18.4% in the 3rd quarter. Bank of America Corp DE now owns 2,677,305 shares of the company’s stock worth $28,165,000 after purchasing an additional 415,359 shares in the last quarter. Institutional investors and hedge funds 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.