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

Intuitive Machines, Inc. (NASDAQ:LUNR)’s stock price fell 19.8% 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. 10,227,757 shares were traded during mid-day trading, a decline of 33% from the average session volume of 15,262,311 shares. The stock had previously closed at $8.77.

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

Insider Activity at Intuitive Machines

In other Intuitive Machines news, Director Kamal Seyed Ghaffarian sold 377,973 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $18.35, for a total transaction of $6,935,804.55. Following the transaction, the director now directly owns 3,494,768 shares of the company’s stock, valued at $64,128,992.80. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Vontur sold 9,266 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $22.50, for a total transaction of $208,485.00. Following the transaction, the insider now directly owns 98,656 shares in the company, valued at approximately $2,219,760. The trade was a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 393,659 shares of company stock worth $7,262,364. 73.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Intuitive Machines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FORA Capital LLC purchased a new position in Intuitive Machines during the third quarter valued at $458,000. Geode Capital Management LLC lifted its stake in shares of Intuitive Machines by 31.2% in the third quarter. Geode Capital Management LLC now owns 933,272 shares of the company’s stock worth $7,514,000 after buying an additional 222,136 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Intuitive Machines in the fourth quarter worth about $3,403,000. Entropy Technologies LP purchased a new position in shares of Intuitive Machines in the fourth quarter worth about $895,000. Finally, Spire Wealth Management purchased a new position in shares of Intuitive Machines in the fourth quarter worth about $469,000. 72.21% of the stock is owned by hedge funds and other institutional investors.

Intuitive Machines Price Performance

The company’s 50 day moving average price is $18.42 and its two-hundred day moving average price is $12.77. The stock has a market capitalization of $951.55 million, a PE ratio of -2.31 and a beta of 1.01.

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.