ARK Investment Management LLC Acquires Shares of 742,438 Intuitive Machines, Inc. (NASDAQ:LUNR)

Key Points

• ARK Investment Management LLC has acquired a total of 742,438 shares of Intuitive Machines, Inc. (NASDAQ:LUNR), valued at approximately $5.5 million during Q1 2023.
• Multiple institutional investors have increased their stakes in Intuitive Machines, with Vanguard Group now holding 4,047,538 shares, valued at $73.5 million.
• The stock has been recently rated with a "Moderate Buy" by analysts, with an average target price of $15.60, despite a previous downgrade from Bank of America to an "underperform" rating.

ARK Investment Management LLC acquired a new stake in shares of Intuitive Machines, Inc. (NASDAQ:LUNR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 742,438 shares of the company's stock, valued at approximately $5,531,000. ARK Investment Management LLC owned about 0.42% of Intuitive Machines at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in LUNR. Two Sigma Investments LP bought a new stake in Intuitive Machines in the fourth quarter valued at about $33,255,000. D. E. Shaw & Co. Inc. increased its holdings in Intuitive Machines by 3,991.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,161,981 shares of the company's stock valued at $21,102,000 after buying an additional 1,133,581 shares during the last quarter. Vanguard Group Inc. increased its holdings in Intuitive Machines by 33.6% in the fourth quarter. Vanguard Group Inc. now owns 4,047,538 shares of the company's stock valued at $73,503,000 after buying an additional 1,017,706 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Intuitive Machines by 99.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,220,800 shares of the company's stock valued at $22,170,000 after buying an additional 609,118 shares during the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in Intuitive Machines in the fourth quarter valued at about $9,133,000. 72.21% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

LUNR has been the subject of several research analyst reports. Bank of America lowered their price objective on Intuitive Machines from $16.00 to $10.50 and set an "underperform" rating for the company in a report on Wednesday, July 16th. Cantor Fitzgerald increased their target price 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. Barclays started coverage on shares of Intuitive Machines in a report on Thursday, May 22nd. They set a "neutral" rating on the stock. Craig Hallum started coverage on shares of Intuitive Machines in a report on Tuesday. They set a "buy" rating and a $17.00 target price on the stock. Finally, Canaccord Genuity Group increased their target price 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Intuitive Machines presently has an average rating of "Moderate Buy" and an average target price of $15.60.

Intuitive Machines Stock Up 0.2%

LUNR stock opened at $12.82 on Friday. Intuitive Machines, Inc. has a fifty-two week low of $3.15 and a fifty-two week high of $24.95. The firm's 50-day simple moving average is $11.21 and its 200 day simple moving average is $12.31. The stock has a market cap of $2.29 billion, a PE ratio of -4.70 and a beta of 1.41.

Intuitive Machines (NASDAQ:LUNR - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.10). The company had revenue of $62.52 million for the quarter, compared to analyst estimates of $66.07 million. Equities analysts forecast that Intuitive Machines, Inc. will post 0.73 EPS for the current fiscal year.

Insider Transactions at Intuitive Machines

In other Intuitive Machines news, Director Kamal Seyed Ghaffarian sold 40,254 shares of the firm's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $12.02, for a total transaction of $483,853.08. Following the transaction, the director owned 3,494,768 shares of the company's stock, valued at approximately $42,007,111.36. This trade represents a 1.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Peter Mcgrath sold 72,168 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $12.00, for a total transaction of $866,016.00. Following the transaction, 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 ninety days, insiders sold 394,200 shares of company stock worth $4,752,942. Corporate insiders own 39.75% of the company's stock.

Intuitive Machines 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.

Want to see what other hedge funds are holding LUNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuitive Machines, Inc. (NASDAQ:LUNR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.