Bank of America Issues Pessimistic Forecast for Intuitive Machines (NASDAQ:LUNR) Stock Price

Intuitive Machines (NASDAQ:LUNR - Get Free Report) had its target price reduced by Bank of America from $16.00 to $10.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "underperform" rating on the stock. Bank of America's price objective would indicate a potential downside of 15.39% from the company's previous close.

Several other research analysts have also recently weighed in on LUNR. B. Riley restated a "buy" rating on shares of Intuitive Machines in a report on Tuesday, March 25th. Benchmark restated a "buy" rating and set a $16.00 price target on shares of Intuitive Machines in a report on Tuesday, March 25th. Canaccord Genuity Group raised their price target on shares of Intuitive Machines from $21.00 to $21.50 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Cantor Fitzgerald raised their price target on shares of Intuitive Machines from $13.00 to $16.00 and gave the stock an "overweight" rating in a report on Wednesday, May 14th. Finally, Barclays assumed coverage on shares of Intuitive Machines in a report on Thursday, May 22nd. They set a "neutral" rating for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $15.44.

Intuitive Machines Stock Up 1.3%

LUNR stock traded up $0.16 during mid-day trading on Wednesday, reaching $12.41. The company's stock had a trading volume of 12,909,297 shares, compared to its average volume of 13,174,324. The company's 50 day moving average is $11.12 and its two-hundred day moving average is $12.58. Intuitive Machines has a fifty-two week low of $3.15 and a fifty-two week high of $24.95.

Intuitive Machines (NASDAQ:LUNR - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.10). The firm had revenue of $62.52 million during the quarter, compared to analyst estimates of $66.07 million. As a group, analysts forecast that Intuitive Machines will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Intuitive Machines news, Director Kamal Seyed Ghaffarian sold 80,508 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $12.05, for a total value of $970,121.40. Following the sale, the director owned 3,494,768 shares of the company's stock, valued at $42,111,954.40. The trade was a 2.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Peter Mcgrath sold 72,168 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $12.00, for a total value of $866,016.00. Following the completion of the sale, the chief financial officer directly owned 366,824 shares in the company, valued at approximately $4,401,888. The trade was a 16.44% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 353,946 shares of company stock worth $4,269,089. 39.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intuitive Machines

Several institutional investors have recently modified their holdings of the business. LBP AM SA grew its stake in shares of Intuitive Machines by 17.5% in the second quarter. LBP AM SA now owns 136,998 shares of the company's stock worth $1,489,000 after acquiring an additional 20,395 shares in the last quarter. Park Avenue Securities LLC grew its stake in shares of Intuitive Machines by 30.6% in the second quarter. Park Avenue Securities LLC now owns 14,258 shares of the company's stock worth $155,000 after acquiring an additional 3,343 shares in the last quarter. Voya Investment Management LLC acquired a new position in shares of Intuitive Machines in the first quarter worth $11,311,000. Rhumbline Advisers grew its stake in shares of Intuitive Machines by 19.7% in the first quarter. Rhumbline Advisers now owns 52,260 shares of the company's stock worth $389,000 after acquiring an additional 8,612 shares in the last quarter. Finally, Northeast Financial Consultants Inc acquired a new position in shares of Intuitive Machines in the first quarter worth $224,000. Institutional investors and hedge funds own 72.21% of the company's stock.

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.