Intuitive Machines (NASDAQ:LUNR) Shares Down 6.8% – Here’s What Happened

Intuitive Machines, Inc. (NASDAQ:LUNR)’s share price traded down 6.8% during mid-day trading on Monday . The company traded as low as $15.01 and last traded at $15.24. 5,960,881 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 9,938,642 shares. The stock had previously closed at $16.35.

Wall Street Analysts Forecast Growth

LUNR has been the topic of a number of recent analyst reports. Cantor Fitzgerald increased their price objective on shares of Intuitive Machines from $10.00 to $15.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Benchmark raised their price target on Intuitive Machines from $10.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Canaccord Genuity Group upped their price objective on Intuitive Machines from $11.00 to $12.50 and gave the stock a “buy” rating in a research report on Friday, November 15th. B. Riley raised their target price on Intuitive Machines from $8.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, Roth Mkm restated a “buy” rating and set a $10.00 target price on shares of Intuitive Machines in a research note on Wednesday, September 18th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $13.10.

Intuitive Machines Price Performance

The firm’s 50 day simple moving average is $9.76 and its 200-day simple moving average is $6.43. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -4.81 and a beta of 0.93.

Insider Activity at Intuitive Machines

In related news, CFO Steven Vontur sold 10,274 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $5.58, for a total value of $57,328.92. Following the completion of the sale, the chief financial officer now owns 117,500 shares in the company, valued at $655,650. This represents a 8.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Timothy Price Crain II sold 197,637 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $6.05, for a total transaction of $1,195,703.85. Following the sale, the senior vice president now owns 362,810 shares of the company’s stock, valued at approximately $2,195,000.50. This represents a 35.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,762,371 shares of company stock valued at $38,664,183 in the last three months. 73.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intuitive Machines

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Intuitive Machines by 250.0% in the 1st quarter. Vanguard Group Inc. now owns 601,354 shares of the company’s stock valued at $3,758,000 after buying an additional 429,531 shares during the period. Sanders Morris Harris LLC raised its holdings in Intuitive Machines by 264.9% during the second quarter. Sanders Morris Harris LLC now owns 69,700 shares of the company’s stock worth $230,000 after purchasing an additional 50,600 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Intuitive Machines in the second quarter valued at about $272,000. Rhumbline Advisers purchased a new stake in Intuitive Machines in the 2nd quarter valued at approximately $119,000. Finally, Wedbush Securities Inc. acquired a new position in Intuitive Machines during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 72.21% of the company’s stock.

About Intuitive Machines

Intuitive Machines, Inc designs, manufactures, and operates space products and services in the United States. Its space systems and space infrastructure enable scientific and human exploration and utilization of lunar resources to support sustainable human presence on the moon. The company offers lunar access services, such µNova, lunar surface rover services, fixed lunar surface services, lunar orbit delivery services, rideshare delivery services to lunar orbit, as well as content sales and marketing sponsorships; and orbital services, including satellite delivery and rideshare, satellite servicing and refueling, space station servicing, satellite repositioning, and orbital debris removal.