Intuitive Machines (NASDAQ:LUNR) Trading Down 5.9% – Here’s What Happened

Intuitive Machines, Inc. (NASDAQ:LUNR) dropped 5.9% during trading on Friday . The stock traded as low as $13.79 and last traded at $13.92. 14,847,946 shares were traded during mid-day trading, an increase of 22% from the average session volume of 12,196,984 shares. The stock had previously closed at $14.79.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on LUNR. Cantor Fitzgerald dropped their price target on shares of Intuitive Machines from $43.00 to $32.00 and set an “overweight” rating for the company in a research report on Friday, August 14th. Canaccord Genuity Group decreased their price objective on shares of Intuitive Machines from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Tuesday, August 18th. Roth Capital set a $30.00 price objective on shares of Intuitive Machines in a research note on Thursday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Intuitive Machines in a report on Friday, July 17th. Finally, B. Riley Financial cut their target price on Intuitive Machines from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Intuitive Machines currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.50.

Intuitive Machines Price Performance

The business has a 50 day moving average of $15.15 and a 200 day moving average of $21.58. The company has a market cap of $3.19 billion, a PE ratio of -14.65 and a beta of 1.85.

Intuitive Machines (NASDAQ:LUNR) last released its quarterly 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 for the quarter, compared to analyst estimates of $212.32 million. Sell-side analysts forecast that Intuitive Machines, Inc. will post -0.6 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder International L.P. Advent sold 11,495,514 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $12.84, for a total transaction of $147,602,399.76. Following the transaction, the insider owned 11,495,514 shares in the company, valued at $147,602,399.76. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Vontur sold 3,050 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $16.13, for a total transaction of $49,196.50. Following the completion of the transaction, the insider directly owned 113,997 shares of the company’s stock, valued at approximately $1,838,771.61. The trade was a 2.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 12,193,437 shares of company stock valued at $159,377,936. Corporate insiders own 54.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in LUNR. Tidal Investments LLC bought a new position in Intuitive Machines in the second quarter worth $64,452,000. WINTON GROUP Ltd boosted its holdings in shares of Intuitive Machines by 538.9% during the 2nd quarter. WINTON GROUP Ltd now owns 171,857 shares of the company’s stock valued at $3,676,000 after buying an additional 144,957 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Intuitive Machines in the 2nd quarter worth about $1,732,000. Integrated Wealth Concepts LLC bought a new position in shares of Intuitive Machines in the 2nd quarter worth about $88,000. Finally, Connective Capital Management LLC purchased a new position in Intuitive Machines during the 2nd quarter valued at about $393,000. Hedge funds and other 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 delivers lunar missions, spacecraft, and related services for government and commercial customers, with a focus on supporting a sustainable presence on the Moon.

Its activities include lunar payload delivery, spacecraft and lander development, lunar communications and navigation services, and the collection and transmission of data from the lunar surface. Intuitive Machines’ Nova-C lunar lander is designed to transport scientific instruments, technology demonstrations, and other payloads to the Moon.

Founded in 2013 by Stephen Altemus, who serves as president and chief executive officer, Intuitive Machines has supported NASA’s Commercial Lunar Payload Services program.