Intuitive Machines (NASDAQ:LUNR) Shares Down 2.8% – Here’s What Happened

Intuitive Machines, Inc. (NASDAQ:LUNR) shares traded down 2.8% during trading on Thursday . The stock traded as low as $18.47 and last traded at $18.64. 5,107,035 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 14,227,460 shares. The stock had previously closed at $19.18.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LUNR shares. B. Riley boosted their target price on shares of Intuitive Machines from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Benchmark lifted their target price on Intuitive Machines from $10.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Intuitive Machines in a research note on Wednesday, September 18th. Cantor Fitzgerald lifted their price objective on shares of Intuitive Machines from $10.00 to $15.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Canaccord Genuity Group increased their target price on shares of Intuitive Machines from $17.50 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Intuitive Machines currently has a consensus rating of “Buy” and an average target price of $15.80.

Intuitive Machines Stock Performance

The stock has a market capitalization of $2.71 billion, a P/E ratio of -6.57 and a beta of 0.90. The business has a 50 day simple moving average of $14.54 and a 200-day simple moving average of $8.86.

Insider Activity

In other Intuitive Machines news, Director Kamal Seyed Ghaffarian sold 74,248 shares of Intuitive Machines stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $8.03, for a total value of $596,211.44. Following the transaction, the director now owns 3,494,768 shares in the company, valued at approximately $28,062,987.04. The trade was a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen J. Altemus sold 61,432 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $11.00, for a total value of $675,752.00. Following the completion of the transaction, the chief executive officer now directly owns 910,919 shares in the company, valued at $10,020,109. This represents a 6.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,954,713 shares of company stock worth $24,475,385 over the last 90 days. 73.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intuitive Machines

Hedge funds have recently modified their holdings of the stock. Waldron Private Wealth LLC acquired a new position in shares of Intuitive Machines in the 3rd quarter valued at $83,000. The Manufacturers Life Insurance Company purchased a new stake in Intuitive Machines during the third quarter valued at about $85,000. SG Americas Securities LLC acquired a new position in shares of Intuitive Machines in the third quarter worth about $93,000. Creative Planning purchased a new position in shares of Intuitive Machines in the third quarter worth approximately $105,000. Finally, LMR Partners LLP acquired a new stake in shares of Intuitive Machines during the third quarter valued at approximately $110,000. 72.21% of the stock is currently owned by institutional investors and hedge funds.

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.