Intuitive Machines (NASDAQ:LUNR) Trading Down 6.9% – Here’s What Happened

Intuitive Machines, Inc. (NASDAQ:LUNR) traded down 6.9% during mid-day trading on Tuesday . The stock traded as low as $11.92 and last traded at $11.92. 6,079,917 shares were traded during mid-day trading, a decline of 40% from the average session volume of 10,195,802 shares. The stock had previously closed at $12.81.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Canaccord Genuity Group reduced their target price on Intuitive Machines from $19.00 to $17.50 and set a “buy” rating for the company in a research note on Friday. Benchmark increased their price objective on shares of Intuitive Machines from $10.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Roth Mkm restated a “buy” rating and set a $10.00 target price on shares of Intuitive Machines in a research report on Wednesday, September 18th. Cantor Fitzgerald increased their price target on Intuitive Machines from $10.00 to $15.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, B. Riley boosted their price objective on Intuitive Machines from $8.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Intuitive Machines has an average rating of “Buy” and a consensus price target of $14.10.

Intuitive Machines Stock Down 8.7 %

The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -3.98 and a beta of 0.93. The business’s 50-day simple moving average is $10.10 and its two-hundred day simple moving average is $6.64.

Insider Activity

In other Intuitive Machines news, Director Kamal Seyed Ghaffarian sold 377,973 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $15.04, for a total value of $5,684,713.92. Following the completion of the sale, the director now directly owns 3,494,768 shares of the company’s stock, valued at $52,561,310.72. This trade represents a 9.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephen J. Altemus sold 61,432 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $11.00, for a total transaction of $675,752.00. Following the completion of the transaction, the chief executive officer now owns 910,919 shares in the company, valued at $10,020,109. The trade was a 6.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,130,070 shares of company stock worth $44,291,568 over the last quarter. 73.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Intuitive Machines

A number of institutional investors have recently made changes to their positions in the stock. Wedbush Securities Inc. purchased a new position in shares of Intuitive Machines in the 2nd quarter valued at about $35,000. Sender Co & Partners Inc. purchased a new position in Intuitive Machines in the second quarter worth approximately $56,000. Waldron Private Wealth LLC acquired a new position in Intuitive Machines during the 3rd quarter worth approximately $83,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Intuitive Machines in the 3rd quarter valued at approximately $85,000. Finally, SG Americas Securities LLC purchased a new stake in Intuitive Machines during the 3rd quarter worth about $93,000. 72.21% of the stock is currently owned by institutional investors and hedge funds.

About Intuitive Machines

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.