Intuitive Machines (NASDAQ:LUNR) Shares Down 19.8% on Analyst Downgrade

Intuitive Machines, Inc. (NASDAQ:LUNR) was down 19.8% during trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $26.00 to $22.00. Canaccord Genuity Group currently has a buy rating on the stock. Intuitive Machines traded as low as $7.04 and last traded at $7.04. Approximately 10,227,757 shares traded hands during trading, a decline of 33% from the average daily volume of 15,262,311 shares. The stock had previously closed at $8.77.

A number of other analysts also recently issued reports on LUNR. Bank of America began coverage on shares of Intuitive Machines in a report on Wednesday, February 5th. They issued an “underperform” rating and a $16.00 price objective for the company. Deutsche Bank Aktiengesellschaft began coverage on Intuitive Machines in a research note on Tuesday, February 25th. They set a “hold” rating and a $18.00 price objective on the stock. Benchmark increased their target price on Intuitive Machines from $10.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Cantor Fitzgerald upped their price objective on shares of Intuitive Machines from $10.00 to $15.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Intuitive Machines presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.13.

Insider Activity at Intuitive Machines

In related news, insider Steven Vontur sold 4,528 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $19.60, for a total value of $88,748.80. Following the completion of the transaction, the insider now owns 104,272 shares of the company’s stock, valued at $2,043,731.20. This represents a 4.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kamal Seyed Ghaffarian sold 377,973 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.35, for a total transaction of $6,935,804.55. Following the sale, the director now directly owns 3,494,768 shares in the company, valued at approximately $64,128,992.80. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 393,659 shares of company stock valued at $7,262,364 over the last ninety days. 73.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intuitive Machines

Several hedge funds have recently modified their holdings of the company. FORA Capital LLC bought a new position in Intuitive Machines in the third quarter valued at about $458,000. Geode Capital Management LLC raised its holdings in Intuitive Machines by 31.2% in the 3rd quarter. Geode Capital Management LLC now owns 933,272 shares of the company’s stock valued at $7,514,000 after buying an additional 222,136 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Intuitive Machines during the 4th quarter worth approximately $3,403,000. Entropy Technologies LP bought a new stake in Intuitive Machines during the 4th quarter worth approximately $895,000. Finally, Spire Wealth Management bought a new position in shares of Intuitive Machines during the fourth quarter valued at $469,000. Institutional investors and hedge funds own 72.21% of the company’s stock.

Intuitive Machines Price Performance

The company has a market cap of $993.66 million, a price-to-earnings ratio of -2.41 and a beta of 1.01. The business’s fifty day moving average price is $18.67 and its 200 day moving average price is $12.76.

Intuitive Machines Company Profile

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.