ARK Investment Management LLC Makes New Investment in 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 purchased a new stake in shares of Intuitive Machines, Inc. (NASDAQ:LUNR - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 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.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new stake in Intuitive Machines during the 4th quarter valued at $44,000. Rossby Financial LCC bought a new stake in Intuitive Machines during the first quarter valued at about $67,000. Sigma Planning Corp purchased a new position in shares of Intuitive Machines during the first quarter valued at about $78,000. Park Avenue Securities LLC purchased a new position in Intuitive Machines in the first quarter worth about $81,000. Finally, Ancora Advisors LLC purchased a new position in Intuitive Machines in the fourth quarter worth about $91,000. Hedge funds and other institutional investors own 72.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LUNR. Cantor Fitzgerald boosted their price objective on shares of Intuitive Machines from $13.00 to $16.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 14th. Bank of America dropped their price objective on shares of Intuitive Machines from $16.00 to $10.50 and set an "underperform" rating for the company in a research note on Wednesday, July 16th. Craig Hallum started coverage on shares of Intuitive Machines in a research report on Tuesday, July 22nd. They set a "buy" rating and a $17.00 price objective for the company. Barclays began coverage on shares of Intuitive Machines in a report on Thursday, May 22nd. They issued a "neutral" rating on the stock. Finally, Roth Capital restated a "buy" rating on shares of Intuitive Machines in a research note on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Intuitive Machines currently has a consensus rating of "Moderate Buy" and an average price target of $15.60.

Intuitive Machines Stock Performance

Shares of NASDAQ:LUNR traded down $0.07 on Wednesday, hitting $11.69. The stock had a trading volume of 3,264,080 shares, compared to its average volume of 10,595,654. Intuitive Machines, Inc. has a twelve month low of $3.15 and a twelve month high of $24.95. The firm's 50 day moving average price is $11.22 and its 200-day moving average price is $12.18. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of -4.28 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) EPS 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 the consensus estimate of $66.07 million. As a group, sell-side analysts predict that Intuitive Machines, Inc. will post 0.73 EPS for the current year.

Insider Activity at Intuitive Machines

In other Intuitive Machines news, CFO Peter Mcgrath sold 72,168 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $12.00, for a total value of $866,016.00. Following the transaction, the chief financial officer owned 366,824 shares of the company's stock, valued at approximately $4,401,888. The trade was a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kamal Seyed Ghaffarian sold 40,254 shares of the firm's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $12.02, for a total value of $483,853.08. Following the completion of the transaction, the director owned 3,494,768 shares of the company's stock, valued at approximately $42,007,111.36. This represents a 1.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold 394,200 shares of company stock worth $4,752,942 over the last quarter. 39.75% of the stock is currently owned by company insiders.

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.