Intuitive Machines (NASDAQ:LUNR) Stock Jumps 8.3% – Here’s What Happened

Intuitive Machines, Inc. (NASDAQ:LUNR) shares rose 8.3% during trading on Tuesday. The stock traded as high as $11.29 and last traded at $11.3450. Approximately 1,770,111 shares were traded during trading, a decline of 85% from the average daily volume of 11,592,613 shares. The stock had previously closed at $10.48.

Analyst Upgrades and Downgrades

Several analysts have weighed in on LUNR shares. Stifel Nicolaus raised Intuitive Machines from a “hold” rating to a “buy” rating and lowered their target price for the company from $32.00 to $26.00 in a report on Friday, August 14th. B. Riley Financial cut their price target on shares of Intuitive Machines from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Canaccord Genuity Group decreased their price target on Intuitive Machines from $41.00 to $39.00 and set a “buy” rating for the company in a report on Tuesday, August 18th. Zacks Research lowered Intuitive Machines from a “hold” rating to a “strong sell” rating in a research note on Monday, October 12th. Finally, Bank of America boosted their price objective on Intuitive Machines from $11.00 to $13.00 and gave the company an “underperform” rating in a report on Monday, August 31st. Seven equities research analysts have rated the stock with a Buy rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $30.50.

Intuitive Machines Stock Performance

The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -12.34 and a beta of 1.86. The business’s 50 day moving average price is $14.64 and its two-hundred day moving average price is $19.89.

Intuitive Machines (NASDAQ:LUNR) last announced its earnings results on Thursday, August 13th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.20). The company had revenue of $206.17 million during the quarter, compared to analyst estimates of $212.32 million. On average, sell-side analysts expect that Intuitive Machines, Inc. will post -0.60 earnings per share for the current year.

Insider Activity

In other news, Director Kamal Ghaffarian sold 267,448 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $16.17, for a total value of $4,324,634.16. Following the completion of the sale, the director directly owned 3,494,768 shares of the company’s stock, valued at $56,510,398.56. This represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy Crain, II sold 100,000 shares of the stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $13.98, for a total transaction of $1,398,000.00. Following the completion of the sale, the senior vice president owned 351,279 shares of the company’s stock, valued at approximately $4,910,880.42. The trade was a 22.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 658,711 shares of company stock worth $10,402,436 in the last 90 days. Company insiders own 54.10% of the company’s stock.

Institutional Investors Weigh In On Intuitive Machines

A number of large investors have recently added to or reduced their stakes in LUNR. Signaturefd LLC grew its stake in Intuitive Machines by 119.7% in the 3rd quarter. Signaturefd LLC now owns 2,390 shares of the company’s stock valued at $34,000 after buying an additional 1,302 shares during the last quarter. Sterling Capital Management LLC boosted its position in shares of Intuitive Machines by 925.3% in the third quarter. Sterling Capital Management LLC now owns 4,614 shares of the company’s stock valued at $66,000 after acquiring an additional 4,164 shares during the period. SBI Securities Co. Ltd. grew its stake in shares of Intuitive Machines by 34.0% in the third quarter. SBI Securities Co. Ltd. now owns 40,630 shares of the company’s stock worth $579,000 after acquiring an additional 10,312 shares during the last quarter. Hidden Cove Wealth Management LLC increased its position in Intuitive Machines by 22.2% during the third quarter. Hidden Cove Wealth Management LLC now owns 11,908 shares of the company’s stock worth $170,000 after acquiring an additional 2,167 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its holdings in Intuitive Machines by 125.0% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 297,202 shares of the company’s stock valued at $4,175,000 after purchasing an additional 165,110 shares during the period. Institutional investors own 72.21% of the company’s stock.

About Intuitive Machines

Intuitive Machines, Inc is a space exploration and infrastructure company headquartered in Houston, Texas. The company develops and operates spacecraft, lunar landers, and related systems designed to support missions to the Moon and other destinations. Its offerings include lunar payload delivery, spacecraft and satellite components, communications and navigation services, and data products for government and commercial customers.

Intuitive Machines is a major participant in NASA’s Commercial Lunar Payload Services program, under which it delivers scientific and technology payloads to the lunar surface.