Intuitive Machines (NASDAQ:LUNR) Stock Price Down 13.1% – Here’s Why

Intuitive Machines, Inc. (NASDAQ:LUNR)’s share price dropped 13.1% on Friday . The company traded as low as $25.45 and last traded at $26.62. Approximately 22,099,652 shares changed hands during trading, an increase of 62% from the average daily volume of 13,639,818 shares. The stock had previously closed at $30.64.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on LUNR shares. KeyCorp increased their price target on shares of Intuitive Machines from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Canaccord Genuity Group increased their price target on shares of Intuitive Machines from $24.00 to $41.00 and gave the company a “buy” rating in a report on Friday, May 15th. Stifel Nicolaus set a $32.00 price target on shares of Intuitive Machines in a report on Friday, May 15th. B. Riley Financial increased their price target on shares of Intuitive Machines to $45.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $34.00 price target on shares of Intuitive Machines in a report on Wednesday, May 20th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Intuitive Machines has an average rating of “Hold” and a consensus target price of $31.50.

Intuitive Machines Stock Down 13.1%

The firm has a market cap of $5.78 billion, a P/E ratio of -30.25 and a beta of 1.68. The company’s 50 day simple moving average is $29.89 and its 200-day simple moving average is $21.24.

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

Insider Buying and Selling at Intuitive Machines

In related news, Director William John Liquori, Jr. sold 18,321 shares of Intuitive Machines stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.87, for a total transaction of $547,248.27. Following the transaction, the director directly owned 68,875 shares of the company’s stock, valued at $2,057,296.25. This trade represents a 21.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 transaction, the chief executive officer directly owned 1,162,495 shares in the company, valued at approximately $27,446,506.95. The trade was a 1.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 1,208,436 shares of company stock valued at $30,867,376. 54.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intuitive Machines

Several institutional investors have recently bought and sold shares of LUNR. Invesco Ltd. increased its holdings in Intuitive Machines by 19.7% during the first quarter. Invesco Ltd. now owns 16,092 shares of the company’s stock valued at $120,000 after buying an additional 2,643 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Intuitive Machines by 43.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,715 shares of the company’s stock valued at $184,000 after buying an additional 7,528 shares during the period. Caxton Associates LLP purchased a new position in Intuitive Machines during the first quarter valued at approximately $139,000. Creative Planning increased its holdings in Intuitive Machines by 29.3% during the second quarter. Creative Planning now owns 30,407 shares of the company’s stock valued at $331,000 after buying an additional 6,886 shares during the period. Finally, Cetera Investment Advisers increased its holdings in Intuitive Machines by 15.3% during the second quarter. Cetera Investment Advisers now owns 18,835 shares of the company’s stock valued at $205,000 after buying an additional 2,506 shares during the period. 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.