Intuitive Machines (NASDAQ:LUNR) Shares Down 12.7% – Here’s Why

Intuitive Machines, Inc. (NASDAQ:LUNR)’s stock price dropped 12.7% on Friday . The company traded as low as $28.57 and last traded at $29.36. Approximately 13,810,911 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 13,572,326 shares. The stock had previously closed at $33.63.

Wall Street Analysts Forecast Growth

LUNR has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Intuitive Machines from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 24th. Roth Mkm increased their price target on Intuitive Machines from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Intuitive Machines in a research report on Tuesday, April 21st. Zacks Research lowered Intuitive Machines from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Finally, Stifel Nicolaus set a $32.00 price objective on Intuitive Machines in a research report on Friday, May 15th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Intuitive Machines currently has a consensus rating of “Hold” and an average target price of $31.50.

Intuitive Machines Trading Down 12.7%

The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of -33.36 and a beta of 1.68. The stock has a 50-day simple moving average of $28.73 and a 200 day simple moving average of $20.50.

Intuitive Machines (NASDAQ:LUNR) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.18). The business had revenue of $186.73 million during 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 fiscal year.

Insider Transactions at Intuitive Machines

In other news, Director Kamal Seyed Ghaffarian sold 141,909 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $39.02, for a total transaction of $5,537,289.18. Following the completion of the sale, the director directly owned 3,494,768 shares of the company’s stock, valued at $136,365,847.36. This trade represents a 3.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Peter Mcgrath sold 24,554 shares of the firm’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 of the company’s stock, valued at $9,473,418.06. This trade represents a 5.77% 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. Insiders sold 1,190,115 shares of company stock valued at $30,320,128 over the last 90 days. Company insiders own 54.10% of the company’s stock.

Institutional Investors Weigh In On Intuitive Machines

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Intuitive Machines by 13.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,090,059 shares of the company’s stock worth $64,067,000 after purchasing an additional 717,256 shares in the last quarter. Trustees of the University of Pennsylvania purchased a new stake in shares of Intuitive Machines during the 4th quarter worth about $52,689,000. UBS Group AG raised its stake in shares of 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 purchasing an additional 557,517 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 61,084 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Intuitive Machines by 18.4% during 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. 72.21% of the stock is owned by hedge funds and other institutional investors.

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.